Swiss watch exports to Hong Kong and mainland China fell deeply in February, as the coronavirus precautions took their toll.
Exports fell by 9.2% to 1.6 billion Swiss francs in February, with Hong Kong imports down 42.0% and imports to mainland China 51.5% lower, the Swiss watch federation (FH)said.
Swiss watchmakers are very dependent on Chinese imports, so the coronavirus outbreak in China severely impacted their business in February before, the virus spread out.
Cheaper watches with an export price of 200 to 500 francs fell by more than half, while watches over 3,000 francs were only slightly down compared with last year.