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Tuesday, August 30, 2016, 18:25

Watch and clock exports plummet 10%

By Oswald Chan in Hong Kong

HONG KONG - Hong Kong’s total exports of watches and clocks in the first seven months of this year tumbled 10.1 percent compared to last year due to fragile global demand.

Census and Statistics Department’s data revealed total exports of watches and clocks from January to July this year dived 10.1 percent to HK$38.4 billion ($4.95 billion). Exports to Switzerland, the Chinese mainland and the United States (US) constitute close to half of the total exports.

In 2015, the figure had already decreased 4.5 percent to HK$76.7 billion.

Amid the weak global demand, the city’s trade promotion agency Hong Kong Trade Development Council (HKTDC) strives to launch more trade exhibitions and fairs to revive the flagging industry.

More than 800 exhibitors from 27 countries and regions will attend the 35th Hong Kong Trade Development Council (HKTDC) Hong Kong Watch & Clock Fair held from Sept 6 to 10, organized by HKTDC, Hong Kong Watch Manufacturers Association and the Federation of Hong Kong Watch Trades and Industries.

HKTDC has invited more than 70 overseas buying missions to attend the trade show whereas there are wholesalers from Australia, US and United Arab Emirates; e-retailers; and other original equipment manufacturer (OEM) brands.

The trade show also exhibits a small order product display zone to facilitate business deals that require small quantity of business orders.

"Apart from traditional luxurious brands, more mid-priced range brands, independent brands and wearable technology watches are emerging in the market that offer more choices for consumers," said Sophia Chong, HKTDC’s assistant executive director, in the Tuesday press conference.

"Smart watches will be one of the bright spots in the industry as market demand for these mid-range brands are huge,” said Esther Wong, chairman of the Federation of Hong Kong Watch Trades and Industries.
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