Swiss watch exports tumbled in August as Chinese demand remained weak and stiff US tariffs went into effect.

Exports fell about 17% from a year earlier, the Federation of the Swiss Watch Industry said in a statement Thursday. All main markets saw double-digit declines, with China down 36% and the US — the watch industry’s largest market — falling 24%.

To an extent, the plunge reflected an expected rebalancing following the high level of exports seen in April and July, ahead of anticipated tariffs, according to the statement.

Still, the figures highlight the more challenging conditions for Swiss-based watchmakers, including those controlled by Richemont , Swatch Group AG, and LVMH , as well as independents such as Audemars Piguet , Patek Philippe , and Rolex SA. Swatch shares

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