Swiss watch exports declined in February following the record-breaking year of 2023. According to data released by the Federation of the Swiss Watch Industry, sales decreased by 5.2%, while export value fell by 3.8% YoY, just above $2.2 billion (2 billion Swiss francs). This significant downturn, the industry organization states, comes after two years of stable growth and is attributed to unfavorable base effects and a sharp decline in the Greater China region. Exports to the second and third largest markets, Mainland China and Hong Kong, respectively decreased by 25.4% and 19%. While other major markets including the United States, France, Japan, and the United Arab Emirates maintained growth in the mid to high single digits, it was not enough to offset the decline in China.