Swiss watch exports decline due to fall in sales to China and US
Swiss watch exports have experienced their second downturn in seven years, declining 9.9% year on year to $19.4bn, according to the Federation of the Swiss Watch Industry. Exports to Hong Kong fell by a quarter in 2016 along with a 3.3% drop to the Chinese mainland. Of Switzerland's major markets, only South Korea and the UK imported more watches, with each country showing a 3.7% rise.

GENEVA, Jan. 26 (Xinhua) -- Witnessing the second downturn in seven years, Swiss watch exports declined to 19.4 billion Swiss Francs (CHF) (19.4 billion U.S. dollars) last year, down 9.9 percent from 2015, the Federation of the Swiss Watch Industry reported Thursday.

"With this result, the branch has returned to its 2011 level and seen an end to the growth of 15 percent achieved between 2011 and 2014," the Federation said in a statement, adding that "all the regions were affected by this downturn."

According to figures, the demand for personal luxury goods, especially for watches priced at over 3,000 CHF, declined last year, a trend compounded by factors including a strong Swiss Franc and a drop in tourism into Europe.

The value of Swiss watch exports to China's Hong Kong fell by over a quarter in 2016, with exports to the United States and the Chinese mainland also showing a significant drop, down 9.1 percent and 3.3 percent respectively.

Of Switzerland's 15 main watch export markets, only the United Kingdom and South Korea registered a rise with plus 3.7 percent for both.

While the outlook remains complex amid lingering uncertainties, the Federation said that "watch industry export figures should stabilize in 2017."