Swiss watch exports wind back in February

Switzerland's watch exports dipped 2.5 percent to 1.6 billion francs ($1.69 billion) in February from the same month a year earlier, the Federation of the Swiss Watch Industry said on Thursday.

Swiss watch exports wind back in February
Photo: Mike Chapman

The slowdown follows a period of strong growth for the watch industry in recent months, coming after exports rose 10.8 percent in January.

The watch federation said that last month only watches selling at more than 3,000 francs saw increases in orders.

Sales to Hong Kong and China fell sharply from the previous year.

The United States slowed slightly but continued to grow.

The situation continued to be favorable for most markets in Europe, apart from France which was down by 11.7 percent.

Exports for the first two months of the year stood at 3.09 billion francs ($3.27 billion), up from the same period in 2012 (2.97 billion francs).

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‘Trade has collapsed’: Germany sees business with UK slump after Brexit

Germany's exports ticked up in January on robust trade with China, but trade with another key trade partner, Great Britain, plummeted after the Britain left the EU.

'Trade has collapsed': Germany sees business with UK slump after Brexit
Southampton harbour. Photo:Andrew Matthews/DPA

The Brexit fallout has continued to hurt commerce with the United Kingdom, with federal statistics office Destatis recording a 29 percent plunge in German exports across the Channel.

Meanwhile, demand for UK goods in Germany collapsed by more than 56 percent, official data showed Tuesday.

Cross-Channel exporters have had to adapt to new customs requirements from January 1, following Britain’s 2016 decision to leave the European Union.

Firms on both sides have since complained of increased bureaucracy and shipment delays as they grapple with the new rules.

BREXIT: What changes in Germany from January 2021?

“Foreign trade with Britain has collapsed,” said LBBW bank economist Jens-Oliver Niklasch.

Overall, German exports rose 1.4 percent month-on-month in seasonally adjusted figures, Destatis said.

But imports sank as coronavirus shutdowns sapped consumer demand in Europe’s top economy.

Imports slumped 4.7 percent, widening Germany’s closely-watched trade surplus to 22.2 billion euros.

Compared with a year ago, before the pandemic ravaged the global economy, exports fell 8.0 percent in January and imports almost 10 percent.

“Consumer demand fell sharply in January due to a lack of opportunities” as the government kept non-essential shops, leisure and cultural centres closed to rein in the coronavirus,  Niklasch.

But demand for “made in Germany” goods was powered by vital trade partner China, which has recovered faster from the virus shock.

Exports to European Union countries plunged six percent year-on-year, while demand for EU goods within Germany was down by almost the same.

Combined with Germany’s struggles to bring down Covid-19 infections despite months of shutdowns, “the January reading is not an indication of renewed German export strength, but rather an alarm bell for the first quarter.”