Swiss watch exports bounce back in February before war in Middle East

[ZURICH] Swiss watch exports returned to growth last month, as US demand continued an uneven recovery from the fallout over the trade tariffs.

Overall exports rose 9.2 per cent in February from the same month the year before, the Federation of the Swiss Watch Industry said on Thursday (Mar 19).

Watches priced more than 500 Swiss francs (S$806.80) led the gains across all segments.

Exports to the US, the industry’s largest market, were up 26.8 per cent after a drop in January.

Still, the industry now faces disruption in the Middle East, which has been a rare bright spot for luxury companies. This comes amid weak demand in China and US President Donald Trump’s tariffs.

Swiss watch exports to the United Arab Emirates rose 5.1 per cent in February. Swatch Group chief executive officer Nick Hayek warned on Wednesday that the drop-off in tourism would affect sales. The exports to Japan rose 23.7 per cent.

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The exports to France soared 57.1 per cent, though the federation said that it reflected shipments ultimately heading to other countries, rather than French market strength.

Meanwhile, the US continues to see-saw since the retroactive easing of its tariffs from November. BLOOMBERG