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Brexit uncertainty hits June imports of Swiss watches

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Exports of Swiss watches to the UK fell by 26.1% fall in June. Uncertainty over the EU referendum had caused retailers and wholesalers to delay purchasing decisions.

The subsequent fall in the value of the pound against the Swiss franc has made imports more expensive for UK importers.

On the other hand, retailers could benefit from sales to the tourists who are enjoying fantastic deals, when they calculate UK prices into their own currencies. Swiss watchmakers exported goods to the UK worth CHF 90.5 million in June, down from CHF 122.5 million during the same month in 2015.
The UK remains the seventh biggest export market for Swiss makers in 2016, with total sales from the start of the year totalling CHF 530 million.

This represents a 5.4% decline over the first six months of 2015, making the UK one of the best performers among the world’s largest watch markets.

World-wide, exports of Swiss watches were down 10.6% in the first half of the year, with Hong Kong experiencing the steepest decline of 26.7%.