Swiss watch exports to the UK are now recorded as 29.1% lower for the first 10 months of 2020, after recovering from drops of 96% drop in April and 77% in May.
Exports to the UK were down by 8%, year on year, in October.
For the year to date, exports worth CHF 831.6 million make the UK the world’s fifth largest market for Swiss watches and comfortably the largest in Europe.
China is the only top 20 market in the world to have shown positive growth this year (+11.3% from January to October), according to figures from the Federation of the Swiss Watch Industry.
For the month of October, alone, Swiss exports appear to be growing in markets where wealthy citizens would have ordinarily travelled to buy luxury watches in places like New York, London and Switzerland.
The United Arab Emirates notched 22.2% growth in October and Russia was up 17.2%.