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SWISS watch exports were almost unchanged in October, rising at the slowest pace in three and a half years, as American consumers cut luxury spending.
Swatch Group AG fell to a five-year low in Zurich trading after the figures were released, Bloomberg News reported.
Exports totaled 1.69 billion Swiss francs (US$1.4 billion), the Federation of the Swiss Watch Industry said yesterday. The 0.1-percent gain was the smallest increase since March 2005, when exports declined 5.2 percent.
United States imports fell 12 percent, the most in seven months, to 230 million francs.
Compagnie Financiere Richemont SA, the maker of Jaeger-LeCoultre timepieces, reported its slowest profit growth in three years last week after US shoppers trimmed spending on Cartier necklaces and Mont Blanc watches.
"Growth is clearly at a low ebb and will accentuate its decline at the start of 2009, or even later this year," the trade group said.
Swatch, the world's biggest watch maker, declined 3.20 francs, or 2.6 percent, to 120.10 francs at 9:35am yesterday after falling as far as 119 francs, the lowest since August 14, 2003.
Richemont dropped 46 centimes, or 2.6 percent, to 17.14 francs after touching a four-year low of 16.89 francs.
The only part of the export market to expand was that for timepieces wholesaling for more than 3,000 francs, the trade group said.
Watches costing between 500 and 3,000 francs declined more than 20 percent.
Montres Villemont SA said last week that it might file for bankruptcy after demand "collapsed" in Asia and eastern Europe.
Exports of steel watches declined 12 percent, while shipments of gold, platinum, and silver watches rose in value terms. Richemont Chairman Johan Rupert said high-end luxury products would remain the most resilient.
Go News Center Added by: jessie Add time: 2009/12/22 10:44:51 view >>
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