Swiss watch exports achieved a third consecutive record-breaking year in 2023, surging by 7.6 percent to reach $31 billion (26.7 billion Swiss francs), largely driven by strong sales in the US, which saw a 35.1 percent increase for the year. However, exports to China declined by 6.9 percent, despite a slight improvement towards the end of the year. The Swiss watchmaking industry benefited from sustained demand in the luxury goods market, but the industry federation cautioned that 2024 is expected to be less dynamic, with export growth likely to be modest. Notable export increases were observed in Hong Kong, Japan, and the United Arab Emirates, while declines were noted in the UK, Singapore, Germany, and South Korea.