In Mandarin, the word for clock sounds a lot like a word for death. So, it's often considered poor etiquette to give a Chinese person a clock.

However, this tradition doesn't seem to apply to watches.

According to a new monthly report from JP Morgan, exports in the Swiss timepiece industry were up a healthy 16% year-over-year. Demand in China jumped 57%. Hong Kong and Taiwan each grew 55%. This more than offset any weakness in Europe.

But you might be surprised to hear that the strongest growth rate didn't come from Asia. It came from Europe.

Specifically, demand in Germany jumped 58%.

Here's a look at industry growth:

jpmnovwatchdata JP Morgan