Bulgaria: Precious Metal Watch Market 2024

Precious Metal Watch Market Size in Bulgaria

The Bulgarian precious metal watch market shrank significantly to $X in 2022, reducing by -88.5% against the previous year. Overall, consumption saw a abrupt decrease. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Precious Metal Watch Production in Bulgaria

In value terms, precious metal watch production surged to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a sharp curtailment. The most prominent rate of growth was recorded in 2017 when the production volume increased by 550%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Precious Metal Watch Exports

Exports from Bulgaria

In 2022, shipments abroad of precious metal watches was finally on the rise to reach X units for the first time since 2017, thus ending a four-year declining trend. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 161% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, precious metal watch exports shrank sharply to $X in 2022. Over the period under review, exports, however, showed a pronounced slump. The pace of growth appeared the most rapid in 2017 with an increase of 81% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Greece (X units) was the main destination for precious metal watch exports from Bulgaria, with a 58% share of total exports. Moreover, precious metal watch exports to Greece exceeded the volume sent to the second major destination, Romania (X units), twofold. Switzerland (X units) ranked third in terms of total exports with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume to Greece stood at +12.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+16.7% per year) and Switzerland (+10.7% per year).

In value terms, Greece ($X) emerged as the key foreign market for precious metal watches exports from Bulgaria, comprising 51% of total exports. The second position in the ranking was taken by Romania ($X), with a 9.6% share of total exports. It was followed by Switzerland, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Greece totaled +25.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+12.0% per year) and Switzerland (-2.1% per year).

Export Prices by Country

In 2022, the average precious metal watch export price amounted to $X per unit, shrinking by -61% against the previous year. In general, the export price continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 89% against the previous year. As a result, the export price reached the peak level of $X per unit, and then fell markedly in the following year.

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 Hong Kong SAR ($X per unit), while the average price for exports to Romania ($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 Greece (+11.4%), while the prices for the other major destinations experienced more modest paces of growth.

Precious Metal Watch Imports

Imports into Bulgaria

In 2022, the amount of precious metal watches imported into Bulgaria shrank sharply to X units, declining by -73% compared with the year before. Over the period under review, imports recorded a drastic downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 128%. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, precious metal watch imports dropped notably to $X in 2022. In general, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 108% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Germany (X units) constituted the largest supplier of precious metal watch to Bulgaria, accounting for a 65% share of total imports. Moreover, precious metal watch imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X units), eightfold. The third position in this ranking was held by Latvia (X units), with a 4.1% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-3.5% per year) and Latvia (+111.8% per year).

In value terms, Germany ($X) constituted the largest supplier of precious metal watches to Bulgaria, comprising 46% of total imports. The second position in the ranking was held by Switzerland ($X), with a 13% share of total imports. It was followed by Italy, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Germany totaled +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-5.2% per year) and Italy (+9.1% per year).

Import Prices by Country

In 2022, the average precious metal watch import price amounted to $X per unit, reducing by -41.8% against the previous year. Over the period under review, the import price, however, recorded perceptible growth. The pace of growth appeared the most rapid in 2017 an increase of 92% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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 ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform