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British imports of Swiss watches highest in two years

British imports of Swiss watches highest in two years

BERN: Exports of Swiss watches to the UK rose at their fastest rate for two years in June.

The Federation of the Swiss Watch Industry recorded a spike of +35.6% of exports to the UK, compared to June 2016, the month of the Brexit vote that sent the pound tumbling.

The UK imported watches worth CHF124.1 million in June 2017, more than China, which imported Swiss watches with a value of CHF118.8 million.

The figures for June for global exports show growing momentum for Swiss watchmakers, with the value of products crossing the Swiss border rising by 5.3% to CHF1.7 billion francs.

For the first half of 2017, the UK was the fourth largest market for Swiss watches in the world, with imports valued at CHF618 million, a rise of 16.3% over the same period in 2016.