Swiss watch exports fell 3.6% YoY in January to 1.9 billion Swiss francs ($2.5 billion), according to the Federation of the Swiss Watch Industry. The decline was primarily driven by weakening demand in the U.S., the industry’s largest overseas market. Mainland China and Hong Kong emerged as bright spots, with exports growing 5% and 2.6% YoY, respectively. Other markets showed mixed results: exports to France surged 37%, while Singapore and the U.K. turned negative.

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