Exports of Swiss watches saw gradual recovery in August, with China exhibiting strong growth for the third consecutive month, industry data showed. 

According to the Federation of the Swiss Watch Industry FH, shipments were down 11.9 per cent from the previous year. The rate of decline however has eased compared to 17 per cent in July and 35.1 per cent in June this year. 

Exports plummeted by 30.5 per cent from January to August year on year as major markets continue to face economic uncertainties alongside a significant plunge in international tourism due to the Covid-19 crisis.

Industry data further revealed that watches priced below CHF200 francs (around US$218) saw no improvement while other price segments recorded some buying activity. 

“Overall, and in terms of exports, the markets were difficult for Swiss watchmaking, except for China, which grew very strongly for the third month in a row,” the federation explained. “The recovery can be explained in part by an increase in domestic purchases as fewer items are bought abroad.” 

Purchases however have continued to fall in Europe and several Asian markets, with watches shipped to Europe declining by 20.5 per cent and 24.5 per cent in Japan.

The Middle East meanwhile recorded growth of 8.3 per cent in the United Arab Emirates and 26.5 per cent in Saudi Arabia, suggesting a slightly faster-than-average recovery in the region. The US, another major market, recorded a slight drop of 4 per cent despite a stable month in July.