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  Swiss watch industry boosts exports – Swatch also benefits | News | Bit Updates
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Swiss watch industry boosts exports – Swatch also benefits | News

Tuesday, January 30th, 2018 | bitcoin updates

BIEL (dpa-AFX) – After two years of crisis, the Swiss watch industry has made the turnaround. Exports rose in 2017 by 2.7 percent to 19.9 billion Swiss francs (17.1 billion euros), as the Association of Swiss watch industry announced on Tuesday. Especially in the second half of the year, demand has picked up especially in Asia. "More and more markets have returned to growth," it said. Generally, there is a trend towards more expensive watches. That is why the value of exports rose, despite the drop in the number of units. Also, the mechanical watch is in demand as the quartz watches. The Swiss watch industry expects a similar increase in 2017 as in 2017. Hong Kong was the most important market. There, watches worth 2.5 billion francs (plus six percent) were delivered. The highest growth rate of 18 percent was recorded in China. The value of exports was 1.5 billion francs. Schwcher remained the development in the US. There exports fell by 4.4 percent to two billion francs. In Germany too, watches from the neighboring country were less in demand. The value of the exported timepieces was just under 1.1 billion Swiss francs, 2.2 percent lower than in 2016. The upswing in the Swiss watch industry is also felt by watchmaker Swatch (Swatch (I)). There, sales rose by 5.4 percent to just under eight billion Swiss francs (6.86 billion euros), as the Swatch Group announced on Tuesday. The profit climbed from 593 to 755 million euros. Swatch is also very confident for 2018./mrd/DP/she


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