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Swiss watch sales continue to slide

April 24, 2009

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Zurich--Swiss watch exports tumbled again in March, and the decline was particularly pronounced in the U.S. market, figures released by the Federation of the Swiss Watch Industry FH show.

According to the latest figures, the value of products leaving Switzerland declined 26.6 percent in March, compared with the same period last year, falling for the fifth month in a row.

By product category, the FH statistics show that exports of wristwatches fell more sharply than other products (27.2 percent), with bi-metallic timepieces particularly hard hit, while sales of gold and steel timepieces remained about average.

When it comes to where watches were--or weren't--selling, FH statistics show that the U.S. and Hong Kong markets were particularly hard hit, with sales declining 49.8 percent and 29.2 percent in those markets, respectively.

Sales also slid in Japan (24.8 percent), Italy (10 percent) and Germany (7.9 percent), while France registered 2.7 percent growth in watch sales, according to the FH data.

The statistics also show that the decline was mostly among the highest-priced products. Exports of watches priced between 500-3,000 Swiss francs (about $439-$2,634) were down considerably, as were exports of timepieces costing more than 3,000 Swiss francs ($2,634), a category that had previously shown resistance to the global economic crisis.

Meanwhile, exports of watches costing less than 200 francs ($174.63) registered a below-average decline, while products priced between 200-500 francs ($174.63-$439) increased several points in value terms and 9.6 percent by volume.
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