Swiss watch exports declined by 3.8% year-on-year in November, down to CHF2.4 billion (€2.5 billion). The downturn affected nearly all of the top 10 markets, with the United States being the only exception, the Swiss Watch Federation reported on Thursday.

The decline was driven by significant decreases in exports to China and Hong Kong, which plunged 27% and 18.8% respectively compared to November 2023, according to the Swiss Watch Industry Federation (FH).

Exports to Japan contracted by 2.5%, and there was a “notable decline” in exports to the United Kingdom, the largest European market for Swiss watchmakers, where exports dropped 8.3%. Similarly, exports to Germany were down 11.3%, and they fell by 2.9% to France, and 2.9% to Italy—three other key European markets.

Among the top 10 destinations for Swiss watches, only the United States posted growth, with exports rising 4.7% year-on-year.

For the first 11 months of 2024, exports declined by 2.7% compared to the same period in 2023, and were worth CHF23.9 billion since January in total.

After three years of strong growth following the COVID-19 slump in 2020, Swiss watch exports hit a record high in 2023, reaching CHF26.7 billion. However, the trend reversed in 2024 due to a sharp drop in exports to China, where the economy’s slowdown, rising youth unemployment, and the real estate crisis have weighed on consumer spending.