Swiss watchmaking in August 2002: recovery not confirmed

After a stagnant July, watch exports totalled 663.7 million francs in August 2002 and hence saw their value fall by 7.7% compared to August 2001. This decline stands out from the trend of the five previous months, indicating that there is no guarantee of an immediate recovery.
Two thirds of the way through the year, the cumulative value stands at 6,515.9 million francs (-3.8%). The shortfall compared to 2001 is at present 260 million.

The positive trend in the number of watches exported will have been short-lived only. In August, the number of pieces fell by nearly 100,000 units, or -5.7%. This reduction concerned plastic, steel and bimetallic timepieces. As in July, the value of exports of gold watches increased (+4.8%), a development that had not been apparent during the previous eight months. All other materials showed a decline. Over eight months, volumes contracted by 0.5% and value by 3.2%.

It is difficult to make out trends where markets are concerned: on the back of a sharp increase, the United States registered a decline of 12.1% in August, with a figure of 105.1 million francs. Hong Kong returned to first place in the ranking with 126.4 million (+5.9%).
Japan (64.4 million, -3.7%) remained in decline, whereas Great Britain (41.8 million, +22.2%) showed a sharp upturn. In cumulative terms since January, the United States hang on to first place by a short head in front of Hong Kong and Japan.

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Source: fhs.ch website news
September 2002