PARIS — Swiss watch exports cooled significantly in August.

Shipments of wristwatches fell 16.4 percent, reaching 1.57 billion Swiss francs or $1.98 billion, and over 13 percent in units in the month, according to figures published Thursday by the Federation of the Swiss Watch Industry.

On the one hand, a rush to ship to the U.S. in anticipation of the 39 percent tariff rate decided by U.S. President Donald Trump did not materialize, after upticks in April and July. Exports to the country slumped 23.9 percent to 245.1 million Swiss francs.

On the other, all other territories in the top six, who account for around half of the global market for Swiss watches, saw double-digit declines.

Most affected was China, which slumped 35.6 percent to 115.3 million Swiss francs.

Across Europe, exports in the month dropped. Germany shank by nearly 25 percent, while France saw a 9.7 percent decrease to 73.7 million Swiss francs. Italy recorded a 3.1 percent rise to 72.6 million Swiss francs.

The Middle East showed a mixed picture with the United Arab Emirates shinking 8.7 percent while Saudi Arabia leaped over 48 percent, albeit on a more modest base.

Describing the performance of the American market as a “normalization” after the rush to beat tariffs earlier in the year, RBC analyst Nikolaos Lafioniatis said that “interestingly, [rest of the world] Swiss watch exports declined materially in August, which may be a function of lower product flows at the expense of front-loaded U.S. inventory build, which we have also heard from recent Asia watch retailer channel checks.”

He also flagged “ongoing demand weakness in Asia-Pacific, and tepid demand trends in Europe.”

Two-year gains were eroded by mid-single to high-double digit factors and August’s figures have also show that three-year gains were dented.

Save for the U.K. and Hong Kong, respectively flat and up 2 percent, the U.S., Japan and China’s exports fell under 2022’s figures for the same period.

No materials category was spared, with the industry body highlighting “very negative results, both in volume and value.”

Likewise, all price segments, with watches priced over 3,000 Swiss francs – considered a key category habitually driving growth – and entry-price models under 200 Swiss francs most affected.