Bloomberg

(Bloomberg) -- Swiss watch exports fell for a 14th consecutive month in August as demand weakened from Japan to the U.S.

Shipments dropped 8.8 percent to 1.4 billion Swiss francs ($1.4 billion), the Federation of the Swiss Watch Industry said in a statement Tuesday. 

The slump has spread from Asia to markets in Europe and the U.S., leading Swatch Group AG to report a 54 percent drop in first-half profit and peer Cie. Financiere Richemont SA to warn that first-half earnings will decline about 45 percent.

Exports to Hong Kong fell 29 percent, while shipments to Germany slid 15 percent, the federation said. The U.S. and Japan showed declines of 12 percent and 27 percent, respectively. One bright spot was the U.K., where Swiss watch exports increased 24 percent after the Brexit-induced tumble in the value of sterling.

To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net. To contact the editors responsible for this story: Matthew Boyle at mboyle20@bloomberg.net, Paul Jarvis

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