Export figures boosted by watch industry

Booming sales in the watch industry and stagnant figures for overall exports in June produced a month-on-month increase in Swiss exports of 3.3 per cent in July.

In total, Swiss exports were worth SFr16.6 billion ($21 billion) last month, according to the Federal Customs Office. Exports to the European Union, Switzerland’s largest trading partner, were down three per cent.

The watch industry, as before, is way ahead of other sectors, achieving a leap in export sales from June to July of 21.2 per cent. It was one of only three of the ten largest industry sectors to post growth in July.

Looking set for a record year, watch industry figures have helped boost results for total Swiss exports so far this year – the growth rate has reached 3.6 per cent in the first seven months of 2011.

The pressure on the export industry can be seen in the downward movement of prices. The prices of export goods sank by 5.3 per cent in July, cutting into companies’ margins.  

In the same period the prices of imported goods fell by 3.5 per cent and imports fell 1.6 per cent to SFr13.8 billion.