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

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

In 2022, the Bulgarian market for plastic or non-precious metal watches increased by 3.3% to $X, rising for the sixth year in a row after three years of decline. Overall, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +104.4% against 2016 indices. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the near future.

Exports of Plastic or Non-Precious Metal Watches

Exports from Bulgaria

In 2022, overseas shipments of plastic or non-precious metal watches decreased by -12.3% to X units, falling for the sixth consecutive year after two years of growth. Over the period under review, exports recorded a pronounced reduction. The pace of growth appeared the most rapid in 2013 with an increase of 108%. Over the period under review, the exports attained the maximum at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, plastic or non-precious metal watch exports contracted to $X in 2022. In general, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -33.4% against 2017 indices. The growth pace was the most rapid in 2017 when exports increased by 72%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Serbia (X units) was the main destination for plastic or non-precious metal watch exports from Bulgaria, accounting for a 25% share of total exports. Moreover, plastic or non-precious metal watch exports to Serbia exceeded the volume sent to the second major destination, Switzerland (X units), twofold. Greece (X units) ranked third in terms of total exports with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Serbia amounted to -5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+26.4% per year) and Greece (+9.3% per year).

In value terms, the largest markets for plastic or non-precious metal watch exported from Bulgaria were Cyprus ($X), Hong Kong SAR ($X) and Greece ($X), together comprising 53% of total exports.

Cyprus, with a CAGR of +306.9%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, increasing by 3.4% against the previous year. Overall, the export price saw a prominent expansion. The most prominent rate of growth was recorded in 2017 an increase of 74% against the previous year. The export price peaked in 2022 and is likely to see gradual 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 ($X per unit), while the average price for exports to Serbia ($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 Cyprus (+68.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Bulgaria

In 2022, supplies from abroad of plastic or non-precious metal watches increased by 0.6% to X units, rising for the third year in a row after two years of decline. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 20%. Imports peaked at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, plastic or non-precious metal watch imports expanded slightly to $X in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 +61.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 56% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Hong Kong SAR (X units), Germany (X units) and Hungary (X units) were the main suppliers of plastic or non-precious metal watch imports to Bulgaria, together comprising 71% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +26.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic or non-precious metal watch suppliers to Bulgaria were France ($X), Germany ($X) and Switzerland ($X), with a combined 69% share of total imports. Hong Kong SAR, Romania, Poland, China, Hungary and Japan lagged somewhat behind, together accounting for a further 17%.

Among the main suppliers, Hungary, with a CAGR of +39.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, rising by 3% against the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic or non-precious metal watch import price increased by +33.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 30% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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 ($X per unit), while the price for Hungary ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+30.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform