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Swiss Watch Exports to USA Drop Nearly 50% in February

The Federation of the Swiss Watch Industry reports that the value of Swiss watch exports to the U.S. market declined in February by 47.5% compared with February 2008 levels. For the first two months of 2009, the value of exports to the U.S.A. is down 38% compared with the same period last year. Hardest hit were watches priced at 500 to 3000 Swiss francs (about $445 to $2670 at press time), sales of which were down by more than 40% in terms of both units and value.