Swiss watch exports run slow, hurt by smart watches

Swiss watch exports posted their first annual drop in six years, hurt by slumping demand for less-expensive timepieces competing for buyers with Apple and other smart watch makers.

December exports declined 3.8%, pushing shipments down 3.3% on the year to 21.5 billion Swiss francs (€19.6 billion), the Federation of the Swiss Watch Industry said yesterday.

That compares with a 1.9% rise the previous year.