Exports of Swiss luxury watches descended further in November owing to a sharp decline in Hong Kong amid a generally stable world market, according to the Federation of Swiss Watch Industry FH.

November shipments were down 3.5 percent year on year while the value increased by 2 percent over the first eleven months of the year.

“Hong Kong had a significant impact on overall performance,” the federation said. 

A steep fall of 26.7 percent was recorded in Hong Kong, which accounts for 10.6 percent of the Swiss watch industry’s top six global markets. Business was also down in China, which registered a 5.5 percent drop. 

Also contributing to weaker exports were the UK (-17.3 percent), France (-17.4 percent) and the United Arab Emirates (-27.8 percent). 

The US – the top export market for Swiss watches – meanwhile recorded a 4.6 percent increase in exports while shipments to Singapore and Japan rose 29.6 percent and 7.8 percent respectively.