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Investing.com -- Swiss watch exports fell 16.5% year-over-year to 1.64 billion Swiss francs ($1.64 billion) in August, according to data released by the Federation of the Swiss Watch Industry on Thursday.
Wrist watches specifically saw a 16.6% decline, with their value reaching 1.57 billion Swiss francs.
The downturn was widespread across major markets. The United States, Switzerland’s largest export destination for watches, recorded a 23.9% drop to 245.1 million Swiss francs.
China experienced the steepest decline among major markets, with exports plummeting 35.6% to 115.3 million Swiss francs.
Other significant markets also posted substantial decreases. Hong Kong saw exports fall 12.5% to 116 million Swiss francs, while the United Kingdom registered a 20.5% decline to 112.8 million Swiss francs.
Japanese imports of Swiss watches decreased by 22.5% to 111 million Swiss francs, and Singapore reported a 14.2% reduction to 106.9 million Swiss francs.
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