According to Federation of the Swiss Watch Industry FH, the decline in Swiss watch exports has gradually slowed over the last few months. They almost reached equilibrium during November, with a slight fall of 3.2%, compared with November 2019. This performance can be mainly explained by China’s return to strength, following a less dynamic October. Over 11 months, Switzerland has seen a 23.5% decline in its watch exports. As in the period from June to September, the less steep decline at the global level in November was mainly due to the very strong performance posted by China (+69.5%), following a temporary lull in October (though still with +15.1% growth). Over a third of the main direct markets for watch exports also saw an upswing, however, helping to soften the downward trend to some extent. Conversely, other key markets continued to see more or less sharp declines, including the United States (-2.8%), Hong Kong (-14.0% in spite of a highly favourable base effect), Germany (-1.1%), Singapore (-31.9%), the United Arab Emirates (-3.7%), Italy (-27.8%) and France (-29.0%).