Industry players in the Watch & Clock sector are maintaining an optimistic market outlook, according to a recent HKTDC survey. Overall, respondents expected the revival in demand, a spike in e-commerce purchases and an anticipated surge in the sale of smart and sports watches to more than make up for the worst of the pandemic downturn.
The European Commission has adopted a Delegated Regulation supplementing Directive 2014/53/EU (“the Radio Equipment Directive – the RED”) regarding the application of essential requirements for radio equipment. The purpose of the new legislation is to strengthen the respect of personal data protection and privacy and to ensure an adequate level of cybersecurity for toys, childcare radio equipment, internet-connected radio equipment and wearables placed on the EU market.
The China Horologe Association has pointed out that, as a result of the pandemic, both the production and sales of the watch industry were reduced in 2020. In the year, the watch and timekeeping instrument manufacturing sector registered a combined industrial output value of RMB48.1 billion, down 29.4% from the year before.
While the pandemic has caused suffering on a truly global scale, it has also prompted positive developments on a number of fronts, spurring people into action, overturning norms and challenging the status quo, while also hopefully ushering in a more innovative and sustainable era. Ideally positioned to track such ever-changing times, the watch and clock sector is adapting to this new dynamic by taking on the role of an innovative industry leader.
Modifications to two U.S. Customs and Border Protection rulings will eliminate Section 301 tariffs on certain watch cases made in mainland China and affect continued eligibility for duty preferences when these components are manufactured under free trade agreements or preference programmes incorporating a substantial transformation rule of origin test.