Swiss Watch Exports Drop in May as China Slowdown Persists [BNN Bloomberg (Canada)]
COMPAGNIE FNCE RCH UN/ADR (CFRUY)
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Source: BNN Bloomberg
Shipments dropped 2.2% by value to 2.3 billion Swiss francs ($2.6 billion) in May from a year earlier, the Federation of the Swiss Watch Industry said Thursday. Exports to mainland China, the second-biggest market behind the US, skidded 18% by wholesale value as a downturn in real estate values battered consumer sentiment. Shipments to Hong Kong, a key watch-trading hub, plummeted 23%. The latest numbers follow a period that has seen demand for pricey timepieces wane after a spike when Covid lockdowns ended. Premium watch buyers have reined in spending amid higher interest rates, shaky economic growth and geopolitical conflicts. Watchmakers are also suffering from continued strength of the Swiss franc against other currencies that has spurred price increases in some markets and deterred customers. Following another record in 2023, Swiss watch exports are down 2.5% in the first five months of the year to about 10 billion francs in total. The decline for last month follows a surp
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