Although haute horlogerie weathered the financial crisis of 2008 better than other industries, manufactures have seen decreased sales. Most notable has been the drop in Swiss watch exports to the Asian market, despite Switzerland’s new trade deal with China, sales are still down amidst President Xi Jinping’s crackdown on ads and expensive gifts.

According to Pasche, there will be growth in 2014, though not on the pre-recession scale. “This year’s performance should be in line with 2013, that is, a positive evolution but no longer the spectacular growth of the past couple of years,” Pasche told Bloomberg. “We’ve witnessed more than 10 years of phenomenal growth in China, so it’s not surprising to see a consolidation now.”

Jean-Daniel Pasche, President of the Federation of the Swiss Watch Industry FH, is predicting good things in the year to come. In a pre-SIHH interview with Bloomberg News, Pasche said he expects the Swiss watch industry to grow in the year to come.