PARIS — Swiss watch exports kept up their strong momentum with a 31.6 percent rise in May, the second monthly increase in excess of 30 percent, led by strong gains in China and Singapore, the Federation of the Swiss Watch Industry said.
Swiss watch sales totaled 1.6 billion Swiss francs, or $1.87 billion, during the month, with gold timepieces leading the way, up 50.3 percent in volume terms. Over the first five months of the year, exports were up 21.7 percent. Dollar figures are converted at average exchange rates for the period.
Sales in China continued to steam ahead with a 45.9 percent increase, while Singapore saw a 44 percent rise. France also continued on its positive trajectory, posting a 35.3 percent uptick.
In a research note, Credit Suisse analyst Rogerio Fujimori said the increases should begin to taper down from June as the comparison base becomes more difficult, adding that a further strengthening of the Swiss franc should exert a “material” pressure on gross margins this year.