Switzerland's watch exports for the month of March have fallen to its lowest in 5 years, according to data published by the Federation of the Swiss Watch Industry FH. Exports logged a double-digit decline of 16.1% from last year to CHF 1.5 billion. The scale of the downturn was also unusual, the federation said.

This follows the industry's worst November and Decembers in 5 years as well, with those key "gifting" months a harbinger of challenging market conditions.

The main markets were particularly hard hit. with Hong Kong recording 37.7% plunge, the US down 32.9% and China declined 13.7%.

After several years of record growth, exports last year fell by 3.3 percent to 21.5 billion francs ($21.2 billion), the Federation of the Swiss Watch Industry (FHS) said, making it the worst calendar year performance for the industry in six years.

The 2015 slump was closely linked to a steep 9.1-percent fall in demand in Asia, the main market for Swiss watches, which absorbed exactly half of all the exports last year.