A 16.6% fall in exports to China caused global exports of Swiss watches to fall by 0.9% in July, despite continuing strength in the United States and UK, but the industry returned to growth in August, with exports rising by 4%.
The United States continues with its role as the engine of global growth. Already the largest market in the world — if China and Hong Kong are counted separately — exports to the country increased by 13.5%.
Hong Kong registered even faster year-on-year growth of 29% in August, and may become the largest market in Asia if its growth in comparison to mainland China, which saw exports drop by 27.3% in August, continues.
The UK was once again the fourth largest market in the world for Swiss watch exports in August, with growth of 21.5% giving the country a 7.5% share of global exports.
For the year to date, global Swiss watch exports have risen by over 9%, and the top 30 countries in the world have grown even faster by over 10%.
