Exports of prestige Swiss watches boomed last month as companies tried to shift their stock ahead of rising US trade tariffs.
Year-on-year growth of 6.9 per cent was largely driven by a 45 per cent rise in exports of brands such as Rolex, Patek Philippe and Longines to the US, the Federation of the Swiss Watch Industry revealed.
But, in its July report, it said the return to growth after a 5.6 per cent slump in June may be temporary as it was ‘a move to build up local stocks and provides little insight into the actual state of the market’.
Demand in large Asian countries continued to fall. The US started charging a 39 per cent tariff on Swiss watches from August 7.
The most expensive watches did best, with exports of products priced above 3,000 Swiss francs (£2,760) growing 9.4 per cent.
Watches priced between £183 and £459 were up 7.3 per cent.
Excluding the US figures, exports dropped 0.9 per cent. The quantity of watches shipped to Britain rose 0.2 per cent.
Boom time: Exports to the US of brands such as Rolex and Longines – where actress Kate Winslet (pictured) is an ambassador – rose like a 45% last month
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
This article was originally published by a www.dailymail.co.uk . Read the Original article here. .