Swiss watch exports grew at a slower pace in October as shipments to China declined, suggesting a slight moderation in demand for high-end timepieces.

Shipments rose 6.7% to 2.27 billion francs ($2.4 billion) last month, the Federation of the Swiss Watch Industry said Thursday. Exports are up 12% in the first ten months of the year, on track for a record.

Demand for luxury watches has risen to record levels after more cash-flush consumers discovered Swiss brands from Rolex and Omega to Patek Philippe while stuck at home during the pandemic. Markets for all sorts of tradeable collectibles have been buoyant lately.

Growth was led by the U.S., with exports jumping 17% to the nation that overtook China last year to become the biggest market for luxury Swiss timepieces. 

Exports to China fell by 18% as the government’s Covid Zero policy kept some retail stores closed. 

Exports of watches with wholesale prices between 200 francs and 500 francs plunged 37% in value, continuing a downturn that began in early 2020.