Swiss watch exports posted their highest month of growth in May of 2017, its highest in over four years.

In an analysis of a statement released on Thursday by the Federation of the Swiss Watch Industry, highlights that the upward trajectory is mostly due to increasing Chinese demand that is offsetting the declining export figures to the US.

Exports are reported to have risen by a rosy 9 percent amounting to some 1.7 billion francs. China alone is responsible for 34 percent of this figure with the overall industry now having shown a third consecutive month of growing figures.

While the trend speaks well for the near future, caution must be taken to settle into the conclusion of an industrial recovery because this growth is linked closely higher demands in the high-end sector. Precious metal watches, for instance posted a 16 percent rise in export figures, although, steel isn’t too far behind at 12 percent.

Looking at export figures by price segments, too, affirm that a prudent stance should be taken with recent growth figures because the lower priced category (<200 francs segment down 9.4 percent) is on a decline while the mid-range reflects nominal growth, followed by the higher end segment, which shows the greater numbers.

Is it too soon to tell? Is the worst over? Last month, Swatch Group AG Chief Executive Officer Nick Hayek and LVMH’s watch chief Jean-Claude Biver, shared with Bloomberg, suggested saying that global exports should take on a rise this year.

3 months of consistent rising numbers are, no doubt, encouraging and with China’s increasing demand to foster confidence, it looks like good days ahead. But it is important to recognize that the figures are coming from a spectrum of the market buoyed largely by one geography.