Sales of watches selling for more than $500 wholesale were weaker than in the $200-$500 price range

Swiss watch sales remained weak in August, but saw a certain recovery compared to earlier months, despite tepid demands in Hong Kong and the U.S., according to the Federation of the Swiss Watch Industry.

Demand for Swiss watches fell 22 percent in August, Reuters reported Tuesday. The value of sales slipped to 843 million Swiss francs ($814 million), falling below 2006 levels.

Swiss watch exports have fallen by 26 percent to 8.1 billion Swiss francs ($7.87 billion) in the first eight months of the year, the federation told Reuters.

“August, which is traditionally a quieter month for the branch, saw 1.1 million watches exported from Switzerland, i.e. 590,000 less than in August 2008,” the industry body said.

Exports to Hong Kong fell by 26 percent, while U.S. demand sank 37 percent. In contrast, demand jumped 20 percent in China.

The price point category least affected by the downturn is the 200-500 francs ($195-$485) at export value, contracting 15 percent. Exports of watches priced over 500 Swiss francs did better in August compared to the preceding months, but were still 23 percent below the previous year's exports.