They suffered from an unfavorable base effect and a more pronounced decline
in Greater China, while other outlets recorded a significant increase. Over two months, the level achieved is, however, very close to that posted a year earlier (-0.7%).

The drop in value was mainly due to steel watches (-10.6%), despite their progress in number of pieces (+3.1%).

Timepieces in
precious metals, for their part, remained stable (+0.2%). Total volumes (-5.2% compared to
February 2023) were strongly influenced by the Other materials category (-25.0%).

Except for watches with an export price of less than 200 francs, which remained at their February level 2023 (-0.4%), the main price ranges fell. This turned out to be particularly
marked between 500 and 3,000 francs, with -14.0% in value. Watches costing over 3,000 francs, which count
for almost 80% of export turnover, saw their total value decrease by 1.8%.

Among the main markets,

the United States (+5.5%)

Japan (+5.6%)

Singapore (+3.3%)

the Arab Emirates  (+8.9%) and France (+6.1%) maintained a positive course in February.

However, these progressions have not enough to offset the sharp decline observed in mainland China (-25.4%) and Hong Kong (-19.0%).

In Europe (-3.5% on average), most outlets saw their results decrease, in a range going from
-2.1% for the United Kingdom to -16.8% for the Netherlands.