Australia: Market for Plastic or Non-Precious Metal Watches 2024

Market Size for Plastic or Non-Precious Metal Watches in Australia

The Australian market for plastic or non-precious metal watches surged to $X in 2022, with an increase of 20% against the previous year. In general, consumption continues to indicate a mild contraction. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Production of Plastic or Non-Precious Metal Watches in Australia

In value terms, plastic or non-precious metal watch production surged to $X in 2022 estimated in export price. In general, production, however, saw a abrupt decline. The pace of growth appeared the most rapid in 2020 when the production volume increased by 160% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Australia

In 2022, approx. X units of plastic or non-precious metal watches were exported from Australia; reducing by -11.7% against the previous year's figure. In general, exports saw a noticeable downturn. The growth pace was the most rapid in 2015 when exports increased by 60%. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, plastic or non-precious metal watch exports expanded significantly to $X in 2022. Overall, exports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2021 when exports increased by 64%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

New Zealand (X units) was the main destination for plastic or non-precious metal watch exports from Australia, accounting for a 62% share of total exports. Moreover, plastic or non-precious metal watch exports to New Zealand exceeded the volume sent to the second major destination, Hong Kong SAR (X units), sixfold. Singapore (X units) ranked third in terms of total exports with a 4.5% share.

From 2012 to 2022, the average annual growth rate of volume to New Zealand stood at -4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+8.0% per year) and Singapore (+8.9% per year).

In value terms, New Zealand ($X) remains the key foreign market for plastic or non-precious metal watches exports from Australia, comprising 48% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 19% share of total exports. It was followed by Macao SAR, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to New Zealand stood at +6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+15.8% per year) and Macao SAR (+82.8% per year).

Export Prices by Country

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, surging by 24% against the previous year. Over the period under review, the export price recorded strong growth. The pace of growth was the most pronounced in 2021 when the average export price increased by 88% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per unit), while the average price for exports to Papua New Guinea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Australia

Plastic or non-precious metal watch imports into Australia fell to X units in 2022, dropping by -7.6% against the previous year's figure. Over the period under review, imports recorded a abrupt slump. The most prominent rate of growth was recorded in 2015 when imports increased by 70% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports skyrocketed to $X in 2022. Overall, total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +66.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 44% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Australia, accounting for a 69% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), sixfold. The third position in this ranking was held by Hong Kong SAR (X units), with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+2.9% per year) and Hong Kong SAR (-9.3% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Australia, comprising 68% of total imports. The second position in the ranking was taken by China ($X), with a 17% share of total imports. It was followed by Japan, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland stood at +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.0% per year) and Japan (+1.3% per year).

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, growing by 25% against the previous year. Overall, the import price saw buoyant growth. The growth pace was the most rapid in 2016 when the average import price increased by 38% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform