Swiss watch exports fell 12.4% in September, mainly due to a 50% drop in shipments to China, impacting the European luxury sector.
Swiss watch exports fell 12.4% in September to about 1.9 billion Swiss francs ($2.2 billion), largely due to a 50% drop in shipments to China. This decline, reflecting weak sales in Asia, pressures the European luxury sector. For the first nine months of 2024, exports decreased by 2.7%. High-end watches also saw a 7.3% drop in value. The Swiss National Bank is urged to weaken the franc, as some brands furlough workers amid declining demand.
October 17, 2024
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