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Exports fall 
due to the slowdown in the US

The Swiss watchmaking industry is beginning to feel the effects of the slowdown of the American economy. Exports to the United States, the industry's most important market, fell by 17.6% in March (compared to March 2000), after more than two years of uninterrupted growth. Other countries, such as Japan and Italy, have also shown some signs of slackening off. The total value of exports by Swiss watchmakers, to all markets, thus fell by 3.3% in March, to 789.1 million francs. However, the first quarter closed with a record result of 2,461.9 million francs (+12,4% compared to the first quarter of 2000).

 

Products	Units	Change in % 2001/2000	Value	Change in % 2001/2000
Finished Watches	6,716,924	-15.7	2,178,425,277	10.8
Movements	1,471,195	13.6	30,954,337	16.6
Cases	863,584	-54.8	10,069,720	-30.0
Spare Parts			205,218,200	27.1
Clocks and their movements			37,267,367	72.4
Total			2,461,934,901	12.4

In the finished watch sector, the upper segments of the market were not affected by the decrease in volumes. This translated into a stronger demand by consumers for gold and platinum watches. Overall, however, the number of timepieces exported fell by 15.7% between January and March 2001, with a total figure of 6. 7 million units.

 

Finished Watches	Units	Change in % 2001/2000	Value	Change in % 2001/2000
Gold	117,700	22.9	640,464,538	49.6
Platinum	2,739	6.7	40,608,129	71.1
Silver	10,670	-9.7	7,540,642	-2.4
Gold-plated	150,165	-16.1	37,590,474	-6.3
Steel	2,627,776	-7.7	861,300,736	0.3
Gold-Steel	198,025	-1.2	369,871,208	9.1
Other metals	922,640	-41.4	71,066,459	-35.4
Other	2,687,209	-12.1	149,983,091	-5.2
Total	6,716,924	-15.7	2,178,425,277	10.8

March was not a difficult month in all markets. In Asia, the rising trend continued in Hong Kong, Singapore and Taiwan. In Europe, France rose again by 30.6%. The strength of these markets has cushioned the effects of the slowdown in the US, which will probably continue over the next few months.

visit www.fhs.ch for more information

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