Singapore's clock and watch industry has grown in recent years and the sector is likely to pick up even more due to the country's positive economic outlook, a Singapore minister said on Wednesday.
Speaking at the opening ceremony of a watch exhibition, Singapore's Minister of State for Trade and Industry Lee Yi Shyan said that the total trade in clocks and watches in 2006 amounted to 2.6 billion Singapore dollars (about 1.71 billion U.S. dollars), an increase of 8.5 percent over a year ago.
Luxury watches are in high demand among tourists while Singaporeans are also increasingly becoming connoisseurs of luxury watches, he said, adding that the total sale of watches and clocks to visitors in 2005 reached 130 million Singapore dollars (about 85.5 million U.S. dollars).
Pointing out that Singapore has a very robust watch retail growth and potential, he said that the country's strength lies in its ability to offer a diverse range of brands, as well as rare, collector and limited edition timepieces.
The retail sales of the watch and jewelry sector in the country rose by 15 percent in the second quarter of this year, he said.
Source: Xinhua
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