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

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

In 2022, the Bahraini market for plastic or non-precious metal watches increased by 29% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption posted a resilient increase. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Bahrain

For the seventh consecutive year, Bahrain recorded growth in overseas shipments of plastic or non-precious metal watches, which increased by 28% to X units in 2022. Overall, exports showed a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of 137%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, plastic or non-precious metal watch exports soared to $X in 2022. Over the period under review, exports enjoyed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units), Hong Kong SAR (X units) and Singapore (X units) were the main destinations of plastic or non-precious metal watch exports from Bahrain, with a combined 75% share of total exports. The United Arab Emirates, Kuwait, Switzerland, Malaysia, Free Zones and Saudi Arabia lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +89.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for plastic or non-precious metal watches exports from Bahrain, comprising 70% of total exports. The second position in the ranking was taken by Singapore ($X), with a 16% share of total exports. It was followed by the United States, with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR amounted to +72.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+50.4% per year) and the United States (+93.5% per year).

Export Prices by Country

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, increasing by 206% against the previous year. In general, the export price showed a significant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Malaysia ($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 Malaysia (+95.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Bahrain

In 2022, supplies from abroad of plastic or non-precious metal watches increased by 8.9% to X units, rising for the second year in a row after two years of decline. Over the period under review, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 58%. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, plastic or non-precious metal watch imports skyrocketed to $X in 2022. In general, imports showed a buoyant expansion. The pace of growth was the most pronounced in 2017 when imports increased by 59%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest supplier of plastic or non-precious metal watch to Bahrain, with a 78% 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), eightfold. India (X units) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-5.0% per year) and India (-7.6% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Bahrain, comprising 92% of total imports. The second position in the ranking was held by China ($X), with a 5.5% share of total imports. It was followed by Japan, with a 0.6% share.

From 2012 to 2022, the average annual growth rate of value from Switzerland totaled +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.6% per year) and Japan (+3.2% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, jumping by 30% against the previous year. Over the period under review, the import price showed prominent growth. The pace of growth appeared the most rapid in 2020 when the average import price increased by 43%. The import price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+20.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform