The world's biggest watch fair will open in Switzerland this week, even as slumping exports of luxury Swiss timepieces appear to dash hopes of a market rebound. Global exports of Swiss watches slid 10 percent in February to 1.5 billion Swiss francs ($1.5 billion, 1.4 billion euros), the Federation of the Swiss Watch Industry (FHS) said Tuesday.
The news cast a shadow over the looming Baselworld trade fair, which opens its doors to the media on Wednesday and to the public a day later.
The giant gathering in the northern Swiss city of Basel is the highlight of the year for watch and jewellery makers, with hoards of retailers looking to fill their showcases with pricey bling.
Exports to Hong Kong, the biggest market for Swiss watches, slumped 12.1 percent last month.
And exports to the United States, the second biggest market, plunged 26.2 percent.
Most European markets also fell, and sales to Japan tumbled 17.3 percent.
Exports to China, however, rose 6.7 percent year-on-year in February. That represents some much-needed good news for the industry - China was the main driver of several years of euphoric growth for Swiss watches, with Chinese consumers' thirst for luxury goods sparking a production boom.
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