Swiss watch exports are heading for their biggest annual slump in 80 years as the pandemic upended tourism and demand for luxury goods.
Exports have plunged 26% in the first 10 months of the year, according to the Federation of the Swiss Watch Industry. Shipments fell 7.1% to 1.9 billion francs ($2 billion) in October, the smallest percentage decline in nine months.
While China has bounced back thanks to strong domestic demand, markets across Europe are still suffering. A resurgent virus has led to new restrictions, suggesting “a somewhat pessimistic outlook for the next few months,” the federation said in the statement.
The Committee, chaired by Assistant United States Trade Representative for Environment and Natural Resources Kelly Milton, exchanged views and priorities regarding trade and environment policies, including addressing the climate crisis,…
View ArticleThe Biden administration is moving to curb low-value shipments entering the US duty-free under the $800 ‘de minimis’ threshold, which it says has been abused by Chinese e-commerce platforms such…
View ArticleIn a joint letter to Dr. Mohammad Yunus — Chief Advisor of the Interim Government of the People’s Republic of Bangladesh — the American Apparel & Footwear Association (AAFA) and…
View ArticleIndustry updates and weekly newsletter direct to your inbox!