Swiss watch exports drop 16.5% in August amid global slowdown

[AIcash]

Swiss watch exports fell 16.5% year-over-year to 1.64 billion Swiss francs ($1.64 billion) in August, according to data released by the Federation of the Swiss Watch Industry on Thursday.

Wrist watches specifically saw a 16.6% decline, with their value reaching 1.57 billion Swiss francs.

The downturn was widespread across major markets. The United States, Switzerland’s largest export destination for watches, recorded a 23.9% drop to 245.1 million Swiss francs.

China experienced the steepest decline among major markets, with exports plummeting 35.6% to 115.3 million Swiss francs.

Other significant markets also posted substantial decreases. Hong Kong saw exports fall 12.5% to 116 million Swiss francs, while the United Kingdom registered a 20.5% decline to 112.8 million Swiss francs.

Japanese imports of Swiss watches decreased by 22.5% to 111 million Swiss francs, and Singapore reported a 14.2% reduction to 106.9 million Swiss francs.