Swiss watch exports rose in August, rebounding from a July decline that marked the first monthly drop in more than two years.

Shipments rose by 4% last month to 1.8 billion francs ($2 billion), with the US, the top export market for the country’s timepieces, driving the increase with a 13.5% rise, the Federation of the Swiss Watch Industry said Tuesday.

The bounceback shows demand remains solid despite higher prices and slowing economic growth. The industry is still on track for a better performance than 2022, when exports hit a record above 24 billion francs, the federation said.

Growth is moderating, though, as exports to China, the second-biggest market, have been weakening. Exports to that country fell 27% in August, the second month in a row of major declines. 

That was offset by strength in Hong Kong, where exports jumped 29%, and the UK, up 21.5%.

Brands from Omega to Patek Philippe and Rolex have raised prices to counter higher input costs, boosting sales and profits.