PARIS — Swiss watch exports rose 21 percent in September, as strong demand in Asia continued to fuel global demand for timepieces, especially in the upper-priced segment.
Foreign sales of Swiss watches totaled 1.8 billion Swiss francs, or $2.08 billion at average exchange rates for the period, the Federation of the Swiss Watch Industry said.
Hong Kong recorded a monthly growth rate of 45.8 percent, while China was up 48.4 percent. The United States registered a 16.1 percent increase, reflecting continued improvement in that market, while European markets showed mixed results.
In terms of price categories, timepieces costing more than 3,000 francs, or $3,470, posted the highest rate of growth, up 23.9 percent.
Thomas Chauvet, analyst at Citi in London, said recent industry data indicated the upward trend in Swiss watch exports will continue. “We are confident that inventory levels in the trade are not excessive and not dangerously building up as seen in 2008,” he said in a research note.