Hong Kong and China fuel Swiss watch export boom

21st October 2010, Comments 0 comments

Swiss watch exports grew by more than a quarter in September, as sharp growth which began last December showed no sign of slowing especially in Hong Kong and China, industry data showed on Thursday.

"Hong Kong remained one of the most dynamic markets for Swiss watch exports," the Swiss watchmaking federation said, as demand there soared by more than than 50 percent last month.

"China stayed close to its average over recent months and remained one of the most attractive destinations for Swiss watch manufacturers from January to September," it added in a statement.

Global nine month exports grew by 20.8 percent compared to the same period last year, reaching 11.3 billion Swiss francs (11.7 billion dollars, 8.4 billion euros).

In September alone exports worldwide reached 1.4 billion Swiss francs.

Other top markets included the United States, while France was the leading European market.

Although the rising price of gold boosted the value of luxury watch exports, the Swiss watchmakers federation said the overall rate of increase in the number of timepieces exported outstripped growth by value.

© 2010 AFP

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