The Swiss watch industry has enjoyed a third consecutive month of growth after 14 months of decline, with exports up 33% in March including +36% in watches (February +14%, January +3%, CY09 –22%). This is the strongest month for more than a decade, albeit it was helped by a very soft comparative (–27%). The two-year cumulative growth rate improves to +6%, another positive. As seen in January and February, exports continue to benefit from exceptional recovery in Asia, the US and the Middle East.