Switzerland’s watch exports surge 15% in May
Wealthy Chinese consumers buy watches there to avoid China’s luxury taxes. Shipments to the U.S., the second-largest market, rose 1.1 percent to $210 million in May. The dollar on average was 15 percent lower against the Swiss franc in the period compared with a year earlier, cutting into the value of Swiss watches sold in the U.S. Swiss watch exports may slow after rising 16 percent in 2007, the most in 18 years, the federation said. . <a href=”http://www.menafn.com/qn_news_story_s.asp?StoryId=1093201013″ target=”_blank” rel=”nofollow”>more</a>
