Professional Jeweler Archive: Swiss Exports Drop in 2003
Timepieces/Data & Statistics
Swiss Exports Drop in 2003
Sales to the U.S., Great Britain and Spain rise
Swiss watch exports to the United States increased 1.1% by value in 2003. However, the overall export value of finished Swiss watches dropped 4.4% worldwide, according to the Federation of the Swiss Watch Industry. The final half of 2003 and early 2004 showed hints of stability as orders picked up in the U.S., Great Britain and Spain.
By units, total watch exports in 2003 dropped 8.4% or 2.2 million pieces. The number of timepieces exported fell to 24.6 million. Platinum watches were the only case type to gain over 2002.
Soft economies in Europe and in most of Asia contributed to the global slowdown.
The federation expects exports to rebound to moderate levels this year, based primarily on expectations of a stronger U.S. economy that will lead to strength in Asian markets.
by Michael Thompson
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