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Financial: Swiss Watch Exports Fall Again In October (RTTNews) - Switzerland's watch exports continued to fall in October, a report by the Federation of the Swiss Watch Industry FH said Thursday. Watch exports dropped 22.7% in October from a year earlier to 1.3 billion francs. Watches made from all the major materials saw a drop in the month, with exports of silver, gold-plated watches falling 52.1%. This was followed by a 29.8% fall in those made from gold. During the month, watches exports to the major export destinations continued on a downward trend. Watch exports to Hong Kong, the main destination for Swiss watches, dropped 18.3%. The U.S and Italy were the second and largest export markets, and watch exports to these two regions dropped 4.9% and 6.7% respectively. In all, exports to the six main destinations fell 20.8% in the month. However, the Federation said Taiwan and Korea showed an increase in monthly values in October, among the Asian countries. Commenting on the latest data, the Federation said, "It is still too soon to draw any significant conclusions from this although the month of October did see more countries record an increase than previous months. However the markets in question are small." |
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