Swiss Watch Exports Fall for 14th Month as Slump Spreads

GENEVA, Switzerland — Swiss watch exports fell for a 14th consecutive month in August as demand weakened from Japan to the US.

Shipments dropped 8.8 percent to 1.4 billion Swiss francs ($1.4 billion), the Federation of the Swiss Watch Industry said in a statement Tuesday.

The slump has spread from Asia to markets in Europe and the US, leading Swatch Group AG to report a 54 percent drop in first-half profit and peer Cie. Financiere Richemont SA to warn that first-half earnings will decline about 45 percent.

Exports to Hong Kong fell 29 percent, while shipments to Germany slid 15 percent, the federation said. The US and Japan showed declines of 12 percent and 27 percent, respectively. One bright spot was the UK, where Swiss watch exports increased 24 percent after the Brexit-induced tumble in the value of sterling.

By Corinne Gretler; editors: Matthew Boyle & Paul Jarvis.