Swiss watch ex­ports to UAE down 7pc in 2015

Pakistan Observer - - ECONOMY WATCH -

DUBAI—Swiss watch ex­ports to the UAE ticked down 7 per­cent last year, as a shaky eco­nomic out­look world­wide sinks de­mand for the lux­ury time­pieces. The fig­ure is due to low oil prices, un­fa­vor­able cur­rency ex­change rates in Rus­sia, Europe and China, and a drop in the gold price, ac­cord­ing to UK-based mar­ket re­search firm Euromon­i­tor.

The UAE, well-known for its malls packed with lux­ury stores and wealthy elites flaunt­ing be­jew­eled wrists, rep­re­sents the ninth-largest mar­ket for Swiss watches. Last year, to­tal ex­ports of Swiss watches to the UAE reached close to $1 bil­lion, ac­cord­ing to the in­dus­try’s main trade group.

But a slow 2015 has had a “rip­ple ef­fect” into this year, said Euromon­i­tor an­a­lyst Amna Ab­bas. The in­dus­try has also taken a hit from in­creas­ingly bud­get­con­scious UAE con­sumers and chang­ing tourist demographics.—Agen­cies

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