Bulgaria: Market for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal 2022

Market Size for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal in Bulgaria

In 2021, the Bulgarian market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals increased by 567% to $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption saw a noticeable increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal in Bulgaria

In value terms, production of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals stood at $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a mild shrinkage. The growth pace was the most rapid in 2013 when the production volume increased by 4.4% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production of growth failed to regain momentum.

Exports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Exports from Bulgaria

After four years of growth, overseas shipments of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals decreased by -85.1% to X units in 2021. In general, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 569%. The exports peaked at X units in 2020, and then reduced sharply in the following year.

In value terms, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals contracted significantly to $X in 2021. Over the period under review, total exports indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -39.4% against 2018 indices. The pace of growth was the most pronounced in 2017 with an increase of 82%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Romania (X units), Greece (X units) and Sweden (X units) were the main destinations of exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals from Bulgaria, together accounting for 78% of total exports. Italy, Poland, Slovakia and Hong Kong SAR lagged somewhat behind, together comprising a further 15%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovakia (with a CAGR of +1,591.7%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) emerged as the key foreign market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal exports from Bulgaria, comprising 60% of total exports. The second position in the ranking was held by Romania ($X), with a 13% share of total exports. It was followed by Hong Kong SAR, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Italy stood at +33.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+23.5% per year) and Hong Kong SAR (-19.4% per year).

Export Prices by Country

The average export price for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals stood at $X per unit in 2021, rising by 417% against the previous year. Overall, the export price, however, saw a abrupt curtailment. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Italy ($X per unit), while the average price for exports to Slovakia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (-2.4%), while the prices for the other major destinations experienced a decline.

Imports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Imports into Bulgaria

In 2021, the amount of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals imported into Bulgaria surged to X units, growing by 93% against the previous year. Overall, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2019 when imports increased by 99%. Imports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals surged to $X in 2021. Over the period under review, imports continue to indicate a resilient expansion. The growth pace was the most rapid in 2013 when imports increased by 108% against the previous year. Over the period under review, imports of reached the peak figure at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Greece (X units) constituted the largest wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal supplier to Bulgaria, with a 62% share of total imports. Moreover, imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals from Greece exceeded the figures recorded by the second-largest supplier, Italy (X units), fourfold. The third position in this ranking was held by the Czech Republic (X units), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from Greece amounted to +53.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+48.3% per year) and the Czech Republic (+51.8% per year).

In value terms, Greece ($X) constituted the largest supplier of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal to Bulgaria, comprising 72% of total imports. The second position in the ranking was held by Italy ($X), with an 11% share of total imports. It was followed by the Czech Republic, with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value from Greece totaled +41.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+33.8% per year) and the Czech Republic (+29.3% per year).

Import Prices by Country

The average import price for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals stood at $X per unit in 2021, waning by -35.2% against the previous year. In general, the import price showed a abrupt decrease. The most prominent rate of growth was recorded in 2013 when the average import price increased by 46% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was France ($X per unit), while the price for Slovakia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+10.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform