Swiss watch trade recession-led decline slows

First published: 21-08-2009

Despite taking a beating due to the recession, the Swiss watch industry continues to grow stronger, with the decline in exports slowing to show the continuing popularity of timepieces.

The Federation of the Swiss Watch Industry reported that the country's exports fell by 25.9 per cent in July in comparison to the previous month, a marked improvement on the decline of 31.9 per cent registered in June.

Around £750 million was brought in through exports in July, with the second biggest importer of Swiss watches - the US - reducing sales by 39.2 per cent compared to June's 49.2 per cent decline.

It was watches between the prices of £115 and £285 which fared the best during last month, where exports only fell by seven per cent, sparking confidence that next month could register a growth as international markets become more inclined to invest in timepieces.

Swatch watches, Switzerland's largest exporter, is sponsoring this weekend's Red Bull X-Fighters freestyle motocross competition at Battersea Power Station, London.

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