Hong Kong luxury watch sales are showing signs of recovery, based on October export data from the Federation of the Swiss Watch Industry.

Exports to Hong Kong rose by 15.8 per cent for the month – marginally behind the mainland, (up 18.2 per cent), but well behind Japan’s 21.7 per cent growth rate.

The export data showed watches costing less than HK$1600 (export price) fell by 3.4 per cent, the other segments had sustained growth. The $4000-$24,000 price category posted the best result with growth of nearly 20 per cent both in value and in the number of pieces.

While the Swiss data covers only exports – not sales – watch retailers in Hong Kong have cut inventories significantly during the two years of retail decline, so the export data provides a good barometer of turnover. Official government data released Thursday showed sales of jewellery, watches and luxury gifts in Hong Kong rose 8.4 per cent in October.

Swiss export values rose 9.3 per cent year on year to reach more than US$1.8 billion and the number of timepieces exported also rose distinctly, says the federation.

By volume, while most of the 30 main markets had positive growth, the US market fell 7.3 per cent. Europe saw 5.9 per cent growth.