Swiss watch exports fell for the eighth consecutive month in February, recording a total value of 1.7bn francs (£1.23bn).
That’s according to new data from the Federation of the Swiss Watch Industry (FH), which found the total value represented a decline of 3.3% compared with the same month last year.
Wristwatches recorded a less pronounced fall in value of 2%, with bi-metallic timepieces dragging the figures down and steel products registering an upturn. Precious metal watches fell 6% in terms of units sold and 1.2% in value, while steel watches increased in value by 1.4% but units sold plummeted 11.5%.
Watches that cost an export price of more than 3,000 francs (£2,200) returned to positive growth in February, both in value and volume terms.
However, all other price segments recorded a downturn, including watches valued below 200 (£145) francs and between 500 and 3,000 (£362 to £2,200), where prices plummeted 11.1% and 8.8% respectively.
After twelve months of steep decline the trend was unchanged in Hong Kong, which remained well below par for the thirteenth consecutive month. Meanwhile exports increased in the US – putting an end to five months of decline – and Europe registered an upturn of 4%.