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Turmoil in Hong Kong hits export of Swiss timepieces

20 november 2019
On the back of ongoing anti-government protests in the Hong Kong, exports of Swiss timepieces in top luxury watch market Hong Kong took a hit in October, as per a report in jewellerynet.com
Data from the revealed that shipments to Hong Kong – a traditionally strong export market for Swiss watchmakers – plunged 30 percent in October, hindering overall growth.
All other major markets exhibited strong results, with China registering a 17.6 percent uptick and toppling Hong Kong as the second strongest Swiss watch export market after the US.
“Swiss watch exports passed the CHF2 billion (around US$2.02 billion) mark last month, thanks to growth of 1.5 percent compared with October 2018.Overall growth was hindered by the very marked decline in Hong Kong while the rest of the world generally saw an upturn of 6.5 percent.”
According to the federation, weakening exports in Hong Kong were more in line with the actual situation in the local market and had a significant impact on global growth, reducing it by five points. 
Shipments to the US were up 9.5 percent, followed by China and Japan (11.3 percent growth). Europe saw an 8.3 percent rise in exports, which can be traced to a 12.9 percent and 24.2 percent hike in the UK and France, respectively.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished