Were fed the export Swiss watches In August, as Chinese demand remained low and strict US duties came into force.
According to Bloomberg sources, exports of Swiss watches declined by about 17% compared to a year earlier, the Swiss watch federation said in a statement on Thursday. All the main markets recorded two -digit reductions, with China declining 36% and the US – the largest market industry market – falling 24%.
To some extent, the decline reflected an expected re -examination after the high level of exports observed in April and July, before the expected duties, according to the announcement.
However, “the broad recession highlights the terrible adversities that the Swiss watch industry continues to face. Recent reports from several clock brands indicate US -resistant stabilization pockets and a hesitant stabilization in China. Today’s data, however, is largely neglected these brands, “Vontobel analyst Jean-Philippe Bertschy said in a note.
The 39% duties implemented by the US in Switzerland – more than those of the European Union and other developed economies – came into force on August 7 and have shaken the watchmaking industry. Many producers had rushed to create stocks in the US to avoid duties.
The Swatch Group AG unveiled a special duty on the price of 139 Swiss Franks last week and is sold only in Switzerland. On the dial, numbers three and nine are inverted, a 39%duty. The model will withdraw from the stores as soon as a new deal is reached, according to a spokesman.