Business News
Swiss watchmakers broke export record in 2011
Feb 2, 2012, 16:41 GMT
Bern - Exports of Swiss watches reached an all-time high of 19.3 billion Swiss francs (21.1 billion dollars) last year, surpassing the pre-crisis level of 2008, the industry's association said on Thursday.
Foreign sales increased 19.2 per cent, despite the strong franc, with the biggest sales increases coming from Asia.
In China, revenue rose nearly 49 per cent, while sales went up 28 per cent in Hong Kong, the biggest market for Swiss watches and a major hub for re-sellers.
The watch industry by far outpaced Switzerland's overall exports, which rose 2.1 per cent last year.
The finance ministry said Thursday that sluggish global economic growth and the rising Swiss currency had slowed down exports last year after growth of 7.2 per cent in 2010.
Exporters had to lower their prices because of the strong franc, it said.
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