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Thu 30 Nov 2017 09:50 AM

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Swiss watch exports to the UAE total $720m

UAE is named the world's 10th biggest export market by Federation of the Swiss Watch Industry

Swiss watch exports to the UAE total $720m

The UAE has been ranked in the world's top 10 countries for Swiss watch exports in the first 10 months of 2017.

Latest figures released by the Federation of the Swiss Watch Industry showed that exports to the UAE totalled 714 million Swiss francs ($720.4 million) for January to October, down from 760 million in 2016.

Saudi Arabia was named the 13th-biggest export market in the first 10 months of the year, importing 273 million francs worth - less than 2 percent of total exports.

Globally, the figures also showed that Swiss watch exports rose at the fastest monthly pace in more than four years in October.

Shipments increased 9.3 percent to 1.85 billion francs in October, the sixth consecutive monthly increase.

The latest export figures underline the industry’s recovery after it exited its longest slump on record earlier this year. Gains have been led by China, as the effects of a four-year crackdown on corruption waned, with the US lagging behind.

Watches costing 500 francs to 3,000 francs rose 20 percent, leading gains, the Federation said, adding that Hong Kong, the biggest export market, rose 16 percent in October while exports to the US fell 7.3 percent.

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