HK timepiece Industry Hurt by Poor World Economy

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Last updated at: (Beijing Time) Wednesday, September 11, 2002

HK timepiece Industry Hurt by Poor World Economy

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Hong Kong's watch and clock export has declined as the economy of several major export marketsof Hong Kong's timepieces was weak, it was learned at the Hong Kong Watch & Clock Fair 2002 opening Tuesday.

The total exports of watches and clocks for the first five months in 2002 dropped by 16 percent, following the yearly drop of8 percent in 2001, said Stanley Lau, president of the Hong Kong Watch Manufacturers Association.

The export to the United States and Japan, which respectively accounts for 24.2 percent and 9.1 percent of the total exports, dropped by 13 percent and 12 percent respectively last year.

"The economic performances of our major export countries like USA, European Union, Switzerland and Japan are disappointing," Lausaid.

However, he is confident that, since the export peak season of the industry is in the second half of a year, the total export in the second half of 2002 will be higher than that in the first halfeven though the influences from the slowing world economy will remain.

Lau also noted that Hong Kong's watch and clock manufacturers will have a higher flexibility to develop and explore the Chinese mainland market, the second biggest export market of Hong Kong's timepiece industry, since the import quota and permissions will berevoked within two to three years in the mainland.

Hong Kong's watch and clock annual exports surpassed 5 billion US dollars over the past years and the annual watch and clock fairis the largest timepiece exhibition in Asia and the second largestin the world.

A total of 735 exhibitors from 15 countries and regions will display clocks and watches, parts and components, machinery, packages and publications at the five-day fair.

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