RETAIL | Staff Reporter, Singapore

Singapore nabs sixth top Swiss watch export destination in July

The nation saw double-digit growth compared to the 0.7% growth in 2018.

Singapore is ranked as the sixth top Swiss watch export destination during the first seven months of 2019, lagging Hong Kong, USA, China, Japan and the UK, data from the Federation of the Swiss Watch Industry shows.

Total exports value during the same period had registered double-digit growth of 13.5% YoY around $1b (CHF711.6m). This is compared to its standing in 2018, where the nation was at top seven with exports value inched up only 0.7% YoY to $1.56b (CHF1.11b).

This growth was mostly driven by its July figures as it climbed 17.9% MoM to a value of $157.82m (CHF112.1m), from its 1.7% modest growth in July. It accounted for 5.9% of the market share in the same month.

As for the other markets, Swiss watch exports to Hong Kong dipped 1.3% whilst majority of other markets saw an increase in July. The United States (6.1%) maintained a steady pace. In Asia, there was strong growth in China (16.3%) and Japan (23.4%). Exports to the UK also fell (-0.4%), along with France (-12.0%) and Germany (-3.6%).

Overall, Swiss watch exports grew 4.3% MoM to $2.67b (CHF1.9b), having sold around 1.8 million units.

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