Swiss watch exports rose in February, as stockpiling in the UK prior to Brexit accounted for 80% of the industry’s worldwide growth.
Shipments rose 3.4% to CHF 1.8 billion ($1.8 billion) for the month overall, following a two-month downturn. Supply to the UK surged 58% to CHF 126.5 million ($126.5 million), while those to China bounced back, rising 15% to CHF 151.1 million ($151.1 million). Exports to Hong Kong fell 3.8% to CHF 245.6 million ($245.6 million), and orders to the US dropped 7% to CHF 174.4 million ($174.4 million).
“Export growth in the watch industry gained momentum in February, despite a base effect that remained very unfavorable,” the Federation of the Swiss Watch Industry reported Tuesday. The UK boasted “extraordinary growth,” it noted.
Read more about the Brexit stockpiling and how it is boosting Swiss watch growth on Rapaport online HERE