Swiss watch exports continued to grow in May, up by 5.3% to 1.8 billion Swiss francs ($1.82 billion). Despite an unfavourable base effect and one fewer working day in the month, said the Federation of the Swiss Watch Industry (FH). Through the first five months of 2018, Swiss watch exports globally are up in value by 9.9% versus the same period last year. All the price segments benefited from this growth, with special emphasis on the 500-3,000 francs (export price range) and also on watches priced at under 200 francs which made considerable gains for the second month in a row.
Hong Kong reported a very strong rise (+26.0%) and accounted for just under two-thirds of global growth, despite a distinctly unfavourable base effect. The United States (+9.8%) maintained their good momentum of recent months. Growth in China (+5.8%) slackened slightly. While in Middle East market, exports of Swiss watches increased in UAE (+1.8%), Saudi Arabia (+3.4%) Kuwait (+16.4%), Qatar (+87.3%) and Kingdom of Bahrain (+47.5%).