Hong Kong luxury watch imports posted their highest monthly increase for more than five years in January.

According to the Federation of the Swiss Watch Industry, exports to Hong Kong rose by 21.3 per cent in January, leading a broader Asian rebound which saw China overtake Japan into second place as a destination with 44.3 per cent growth. Exports to the US fell 1.9 per cent, dropping that market into third. Japan was also strong, up 12.9 per cent.

January’s improvement followed the dynamic performance of previous months and a favourable base effect, the federation reported.

Swiss watch exports for the month were worth CHF1.6 billion (US$1.7 billion), equivalent to 12.6 per cent growth.

The value of all the main groups of materials increased. Steel and bimetal watches made the biggest contribution. Total volumes were 2.5 per cent higher, boosted by timepieces in steel and the other metals category.

Against the trend, the ‘other materials’ category reported another substantial fall.

After declining for more than two years, watches costing less than CHF200 (export price) continued to lose ground last month. All the other segments had sustained growth, especially in the CHF500 to CHF3000 price range which improved by about 20 per cent.

Many markets saw strong growth for the month.