Swiss watch exports grew 4.5% in November despite a 9.6% decline in Greater China
Swiss watch exports grew 4.5% in November to CHF2.15bn after +13% in October and -1.5% in September. Over the first 11 months, Swiss watch exports grew 12.6%. November’s growth was in a context of a slightly lower comparison base (i.e. +15% in November 2011 vs +18% in October). Hong Kong (#1 market) and China (#3 market) combined have declined 9.6% in November after -1.8% in October and -20.8% in September, a consequence of the soft final demand and the ongoing destocking in GC.