The fast-ticking American economy gave Swiss watch exports a boost in July, offsetting lingering weakness in Greater China, and softness across Asia.
A 26.5 percent increase in the U.S., its third consecutive month of double-digit gains, contributed to an overall 9.6 percent jump in exports to 2.63 billion francs, the Federation of the Swiss Watch Industry reported Thursday.
France recorded an increase of 104.6 percent, which the federation and Bernstein analyst Luca Solca cautioned likely overstates underlying trends. RBC Capital Markets attributed the robust gains in France to its “role as a logistics hub.”
It is understood many watch brands choose to export first to France and then on to other regions, which consequently creates a distortion in regional trends.
Still, the impressive performance counterbalanced declines elsewhere in Europe, and the region recorded a 12.4 percent improvement, lifted mainly by an 11.6 percent rise in exports to Germany.
