Swiss watch exports recorded (21.7%) drop in the month of March 2020 in the markets worldwide, as a whole it recorded short of CHF 382 Million francs (1.36 billion precisely against CHF 1.74 Billion) for the same period in March 2019 as per the Swiss Watch Federation report.
The Swiss Watch Exports markets in the Middle East recorded a net of CHF 117.5 million for the year 2020 in comparison to CHF 166.40 million for year 2019, a significant drop of (29.4%).
This was a result of drop in the key markets like UAE (CHF 69.0 in 2020 compared to CHF 87.6 in 2019 a drop of (-21.2%), Saudi Arabia (CHF 11.4 in 2020 compared to CHF 23.5 in 2019 a drop of (-51.5%), Qatar (CHF 9.5 in 2020 compared to CHF 11.2 in 2019 a drop of (-15.2%), Bahrain (CHF 8.2 in 2020 compared to CHF 12.0 in 2019 a drop of (-31.7%) and all other M.E markets (CHF 14.3 in 2020 compared to CHF 28.7 in 2019 a drop of (-50.2%). The exports of Swiss Watches increased in Oman (+50%) as per the breakdown below.
Note to readers:
Data provided by Federation of Swiss Watch Industry FH.
Cautionary & Acknowledgment:
All the figures released by FH refer to exports data and not to sales to end-consumers. Differences between these two types of data may therefore exist. These data must be regarded as consolidated figures gathering export results from all Swiss watch companies.