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The Swiss watch industry faces a 30 percent drop in exports this year as the coronavirus pandemic slashes international travel and key markets outside China still grapple with the outbreak.
The Federation of the Swiss Watch Industry gave the forecast after shipments declined 36% to 6.9 billion francs ($7,4 billion) in the first half. A full-year decline that big would be the worst performance in decades.
Swiss watchmakers have been struggling to find any growth this year, putting pressure on jobs in the industry. Swatch Group AG eliminated 2,400 positions in the first half as it shrank its retail network.
Shipments may slump 30 percent this year
One glimmer of hope has been mainland China, where exports rose 48 percent in June, paring the first-half decline to 15 percent. – Bloomberg
Online Reporter