Exports of Swiss watches continued their downward trend in May, recording a 67.9 per cent drop from a year ago. January to May figures saw a 35.8 per cent year-on-year decline.
This followed a steep descent of 81.3 per cent in April amid the global spread of the coronavirus pandemic, data from the Federation of the Swiss Watch Industry FH showed.
In total, the sector exported 1.3 million fewer items in May compared with year-ago figures, the federation said.
The US exhibited the largest drop in shipments (79.2 per cent) among major export markets, followed by Japan (74.2 per cent), Hong Kong (68.8 per cent), the UAE (56.3 per cent), China (54.6 per cent), and Germany (53.2 per cent).
The exporters’ group also cast doubt on China’s supposed recovery.
“While China outperformed other countries for the second month in a row, it did not stand out to the same extent as in April and recorded a sharp decline. It seems that the recovery in this market is not yet a given,” the federation said