27-5-2020
Swiss watch exports made from precious metal plunged 82 percent to US$310 million in April, the deepest dive in at least two decades, the Federation of the Swiss Watch Industry reported, as production and sales halted due to virus pandemic.
Watch orders from China, the best-performing market declined 52 percent in February has shown recovery. Exports dropped 16 percent in April. Shipments to the other five major markets including Hong Kong, the United States, South Korea and Japan slumped over 60 percent with the United States took the greatest hit and fell 86 percent.
“Trends are unlikely to improve materially until the back half of the year,” Thomas Chauvet, Citi
analyst commented. Swiss luxury group Richemont pinned down the estimation and said “grave economic consequences” could last for up to three years.
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