Swiss Watch Exports Rose 2.4% Last Year Lifted By High-End Pieces

PARIS — Swiss watch exports inched up 2.4 percent in 2019, lifted by demand for high-end pieces and despite a steep drop in business in Hong Kong, the industry’s most important market, the Federation of the Swiss Watch Industry said on Tuesday. “The general situation will remain complex and require watch brands to adapt accordingly,” cautioned the federation, noting a challenging environment for the sector due to geopolitical uncertainty, increased competition, a sharp rise in the pre-owned market and fast-changing consumption habits, among other reasons. The increasing popularity of connected watches — the Apple watch in particular — has posed a challenge to traditional watchmakers. Exports totaled 21.7 billion Swiss francs, or $22.4 billion, fueled by growth in Asia, excluding Hong Kong, where exports fell 11.4 percent due to protests. The region accounted for more than half of export turnover. In terms of volumes, however, Switzerland shipped 20.6 million watches, 3.1 million fewer than the previous year, and falling below the level seen in the crisis year of 2009, when the financial crisis spooked watch consumers. The federation compared the decline to the dip seen in the early Eighties. A bellwether of the luxury industry, Swiss watch exports are eyed by investors looking for

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