PARIS — Swiss watch exports rose 2.2 percent in July, “continuing to show moderate growth in value terms,” the Federation of the Swiss Watch Industry reported Thursday.
Foreign sales of Swiss timepieces totaled 2.1 billion Swiss francs, or $2.34 billion at average exchange rates for the period.
Bi-metallic watches spiked 8.4 percent in value terms, while sales of other metals slumped 6.1 percent.
The July results were buoyed by items costing less than 200 francs, or $220, which improved 1.3 percent in value terms, and by wristwatches priced at 3,000 francs ($3,300) or above, which were up 1.2 percent.
The middle segment performed poorly. Sales in the 200 to 500 franc, or $220 to $550, range declined 1.3 percent.
By region, China bounced back following a string of negative results, recording an uptick of 49 percent in July, its highest in the last 30 months, the federation said, while Japan remained strong, up 19 percent.
In Europe, Italy and Germany fell by 6.7 percent and 6.9 percent, respectively, likely due to weaker tourism spending trends, analysts at Barclays observed. These were offset by gains in the U.K. and Spain.
The U.S. remained soft, edging down 0.8 percent.
Barclays also noted that while this was “a relatively good performance” versus June (up 1.4 percent), it was mainly driven by “other products,” such as clocks, movements and other detachable components, which saw an increase of 28 percent. Wristwatches were up only 0.8 percent in July.
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