Swiss watch exports to the UK dropped 3.3% last month to CHF93.1m (£67.1m), a fall of CHF 3.3m (£2.4m) on the same period last year.
Based on the latest numbers, the UK is now the seventh largest importer of Swiss watches in the world, behind Germany but slightly ahead of the UAE. This time last year, however, the UK found itself in fifth place.
Despite a slowdown in sales volumes versus February 2015, the UK market for Swiss watch exports is still a third larger than it was two years ago.
The largest market for Swiss watch exports continues to be Hong Kong, however it shrunk by more than CHF70m (£50m) against the corresponding period last year during February.
The data was published this morning by the Federation of the Swiss Watch Industry. It said an overall downturn in global exports was “less marked” than in January as the value of sales reached CHF1.7 billion (£1.2 billion), but acknowledged that it still represented an eight consecutive month of decline.
Wristwatches recorded a less pronounced fall in value of 2%, with bimetallic timepieces dragging the figures down, despite steel products registering an upturn.
In volume terms, the decline was more substantial and, paradoxically, influenced to a large extent by steel watches.
Watches costing more than CHF3,000 (£2,165) in terms of export price returned to positive growth in February, both in value and volume terms. Below this marker, all price segments recorded a downturn, the report said.