Swiss watch exports moderated their monthly decline, helped by rebounding demand in China.
Shipments fell 17% to 1.6 billion Swiss francs ($1.8 billion), according to the Federation of the Swiss Watch Industry. That’s half the drop seen the previous month.
Shipments to China jumped 59%, the second consecutive month of strong growth, as consumers return to luxury shopping in their home market. The U.K. also offered a glimmer of hope as it turned positive ahead of other markets that rely more heavily on well-heeled tourists.
Overall, the industry is still reeling from the consequences of the pandemic, which led to store closures and travel bans. Exports are expected to slump 30% this year, the federation said last month.
This article was provided by Bloomberg News.