Swiss watch industry exports continued their bull run in July, building on the momentum of a powerful first half.
Global exports in July were up by 6.6% compared to the same month in 2017. For the first seven months of the year, exports have risen by over 10%.
If that growth is maintained for the entire year, Swiss exports will hit CHF 21.9 billion, beating the previous record high of CHF 21.5 billion recorded in 2015.
The United Kingdom posted its strongest month of growth since the summer of last year, with imports rising by 7.5% in July after a 12% dip in June.
For the year-to-date, Swiss exports to the UK are down by 8.3% compared to the sizzling first seven months of the year in 2017.
Hong Kong had a stellar month in July, with imports of Swiss watches rising annually by almost 27%, representing over one third of the entire global growth in the month.
Exports to China and the United States, which have both had strong first halves to their years, were flat on the year in July. The UK was the only major market in Europe that expanded in July. France was down 1%, Italy dropped 9.1% and Germany was off by 8.6%.
Bi-metal watches achieved the biggest increase in terms of both value and number of pieces exported across all price points, including the sub-$200 sector. Steel timepieces also contributed to growth.