Indeed. Note that Swiss Watch exports to Hong Kong alone (7m inhabitants) were more than to the USA (330m inhabitants) in the last decade, until HK's recent demise. Asia is a 3 to 4 times bigger market than North America; Europe is between those.

So, it is no wonder that the number 8 figures prominently.

In 2021, in Swiss watch exports in CHF bn:

to USA, China about 3 each; HK about 2; Japan about 1.5; Italy, Germany, Singapore, UAE, France about 1 each.

http://www.fhs.swiss/scripts/getstat.php?file=histo_regions_...

http://www.fhs.swiss/pdf/regions_210112_a.pdf