Swiss watch exports to the the United States rose by almost 21% in March, continuing a record start to the year despite wholesalers and retailers bracing for the approaching Coronavirus pandemic sweeping across the world.
Official lock down instruction were issued in the last week of March, but by then China had been grappling with the outbreak for two months and it was already surging in Europe.
For the first three months of 2020, Swiss exports to the United States have rocketed by 18% to total CHF 638.4 million in the first quarter.
Over the same period, exports to Hong Kong fell by 40% to CHF 466.3 million and China was down by 11.9% to CHF 390.4 million.
With virtually all watch and jewelry stores closed for the past month along with the US offices and distribution centers of the brands, the bull run for the United States is certain to hit a wall in April.
The Federation of Swiss Watch Industry, which compiles the export figures, told WatchPro today that it does not yet have any data it can share on April activity.