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

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

The Chinese market for plastic or non-precious metal watches reduced notably to $X in 2022, waning by -68.8% against the previous year. Overall, consumption showed a deep slump. As a result, consumption attained the peak level of $X, and then shrank sharply in the following year.

Production of Plastic or Non-Precious Metal Watches in China

In value terms, plastic or non-precious metal watch production contracted to $X in 2022 estimated in export price. Over the period under review, production saw a noticeable decrease. The growth pace was the most rapid in 2018 when the production volume increased by 179% against the previous year. Plastic or non-precious metal watch production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from China

In 2022, plastic or non-precious metal watch exports from China soared to X units, jumping by 27% against the year before. Overall, exports, however, recorded a pronounced decline. The most prominent rate of growth was recorded in 2018 when exports increased by 1,554% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, plastic or non-precious metal watch exports expanded significantly to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 26%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X units) was the main destination for plastic or non-precious metal watch exports from China, accounting for a 17% share of total exports. Moreover, plastic or non-precious metal watch exports to India exceeded the volume sent to the second major destination, the United States (X units), twofold. The third position in this ranking was taken by Singapore (X units), with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India stood at +10.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-7.1% per year) and Singapore (+17.8% per year).

In value terms, the largest markets for plastic or non-precious metal watch exported from China were the United States ($X), Japan ($X) and Singapore ($X), together accounting for 18% of total exports.

Singapore, with a CAGR of +26.1%, recorded the highest growth rate of 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, declining by -16.9% against the previous year. In general, the export price, however, enjoyed a notable increase. The most prominent rate of growth was recorded in 2016 when the average export price increased by 1,939% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Uruguay ($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 (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into China

In 2022, plastic or non-precious metal watch imports into China expanded rapidly to X units, picking up by 11% against 2021. In general, total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.8% 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 +20.4% against 2018 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 32%. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, plastic or non-precious metal watch imports fell significantly to $X in 2022. Overall, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 26%. Over the period under review, imports hit record highs at $X in 2021, and then contracted markedly in the following year.

Imports by Country

Thailand (X units), Japan (X units) and Switzerland (X units) were the main suppliers of plastic or non-precious metal watch imports to China, together accounting for 64% of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +14.4%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to China, comprising 84% of total imports. The second position in the ranking was held by Japan ($X), with a 5.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Switzerland stood at +4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+3.3% per year) and Thailand (+21.2% per year).

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, declining by -25.3% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 67% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2021, and then declined markedly 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 ($X per unit), while the price for Thailand ($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 (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform