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

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

The Bangladeshi market for plastic or non-precious metal watches declined to $X in 2022, waning by -5.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a buoyant expansion. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Bangladesh

In 2022, overseas shipments of plastic or non-precious metal watches decreased by -16.2% to X units, falling for the second year in a row after two years of growth. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when exports increased by 143%. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports rose rapidly to $X in 2022. Overall, exports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 251%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Germany (X units), Hong Kong SAR (X units) and the Czech Republic (X units) were the main destinations of plastic or non-precious metal watch exports from Bangladesh, together accounting for 73% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +84.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for plastic or non-precious metal watches exports from Bangladesh, comprising 66% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 7.8% share of total exports. It was followed by Kuwait, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value to Germany stood at +96.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+26.5% per year) and Kuwait (+31.6% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, surging by 26% against the previous year. Overall, the export price saw a remarkable increase. The growth pace was the most rapid in 2017 when the average export price increased by 264% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Belgium ($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 Turkey (+18.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Bangladesh

After two years of decline, purchases abroad of plastic or non-precious metal watches increased by 8.3% to X units in 2022. In general, imports posted a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 251% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, plastic or non-precious metal watch imports fell remarkably to $X in 2022. Overall, imports saw a strong expansion. The pace of growth was the most pronounced in 2016 when imports increased by 368% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Bangladesh, accounting for a 65% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), fourfold. India (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+5.3% per year) and India (+13.3% per year).

In value terms, the largest plastic or non-precious metal watch suppliers to Bangladesh were Switzerland ($X), China ($X) and India ($X), together accounting for 74% of total imports. Hong Kong SAR, Singapore and Germany lagged somewhat behind, together accounting for a further 21%.

Germany, with a CAGR of +25.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, waning by -25.5% against the previous year. Overall, the import price continues to indicate a mild descent. The most prominent rate of growth was recorded in 2021 when the average import price increased by 131%. As a result, import price attained the peak level of $X per unit, and then reduced dramatically in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform