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Swiss watches post slowdown in export surge to China
By Emily Ford |
18:21 UTC+8 April 24, 2012
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Online Edition
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China's imports of Swiss watches grew significantly more slowly in March than in preceding months, adding to fears that the country's appetite for luxury may be waning.
Overall exports of the luxury watches rose 15.2 percent in March compared with the same month last year, to 1.6 billion Swiss francs (US$1.748 billion), continuing their upward surge, figures from the Federation of the Swiss Watch Industry showed yesterday.
However, exports to Chinese mainland grew only 13 percent last month on the same month the year before, after growing 38.9 percent in February. Those to Hong Kong grew 10 percent compared with 58 percent in February.
Melanie Flouquet, an analyst at JP Morgan, said in a note that the slowdown could be partly explained by the fact that Swiss watch sales tend to be somewhat volatile, as well as an unusually strong performance in March last year making growth more difficult.
Swiss watch exports are not the most reliable indicator of the luxury sector's health, she added.
The strongest performances were in the US, Japan and Germany, driven mainly by tourists, the Federation said.
Overall exports of the luxury watches rose 15.2 percent in March compared with the same month last year, to 1.6 billion Swiss francs (US$1.748 billion), continuing their upward surge, figures from the Federation of the Swiss Watch Industry showed yesterday.
However, exports to Chinese mainland grew only 13 percent last month on the same month the year before, after growing 38.9 percent in February. Those to Hong Kong grew 10 percent compared with 58 percent in February.
Melanie Flouquet, an analyst at JP Morgan, said in a note that the slowdown could be partly explained by the fact that Swiss watch sales tend to be somewhat volatile, as well as an unusually strong performance in March last year making growth more difficult.
Swiss watch exports are not the most reliable indicator of the luxury sector's health, she added.
The strongest performances were in the US, Japan and Germany, driven mainly by tourists, the Federation said.
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