Monthly Swiss watch exports to the US declined for the first time in more than two years signaling a slowdown in demand from the biggest market for pricey timepieces.

Exports to the US fell by 4.9% in April, the Federation of the Swiss Watch Industry said Thursday. The decline is the first since Jan. 2021 for a market that was the key driver of a record surge in sales of luxury Swiss timepieces during the pandemic.

The US overtook China as the top market for Swiss watches in 2021.

Watchmakers including Patek Philippe, Oris and Zenith recently flagged a softening in demand for their products in interviews with Bloomberg News.

Still, overall Swiss watch exports rose again in April, climbing 6.8% by value, and are up about 10.5% in the first four months of the year.

Exports to China surged by more than 107% in April as the country re-opened following Covid-related lockdowns in Shanghai and other major cities last year. Sales to Hong Kong rose by almost 16% while exports to the UK, another key market, increased by nearly 10%.

Global demand for Swiss luxury timepieces spiked during the pandemic — surging to a record of more than 24 billion francs ($26.4 billion) in 2022 — and has remained relatively strong despite economic headwinds.

Exports by volume of timepieces also rose by 18.8% during April, compared to the same time last year, driven by watches priced at less than 200 francs. The continued popularity of Swatch Group AG’s Omega MoonSwatch collaboration pushed exports of watches under 200 francs up by 35% in April.