Report Update Nov 1, 2024

Dominican Republic - Watches - Market Analysis, Forecast, Size, Trends and Insights

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Dominican Republic: Watch Market 2024

Watch Market Size in the Dominican Republic

The Dominican watch market skyrocketed to $X in 2021, increasing by 34% 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 continues to indicate significant growth. Watch consumption peaked in 2021 and is likely to continue growth in the near future.

Watch Exports

Exports from the Dominican Republic

In 2021, shipments abroad of watches decreased by -68.9% to X units, falling for the second year in a row after three years of growth. Overall, exports, however, recorded significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 242%. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, watch exports soared to $X in 2021. In general, exports, however, posted significant growth. The growth pace was the most rapid in 2013 when exports increased by 703%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for watch exports from the Dominican Republic, accounting for a 5,569% share of total exports. It was followed by Jamaica (X units), with a 0.3% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +80.9%.

In value terms, the United States ($X) remains the key foreign market for watches exports from the Dominican Republic, comprising 97% of total exports. The second position in the ranking was held by Jamaica ($X), with less than 0.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +66.0%.

Export Prices by Country

The average watch export price stood at $X per unit in 2021, jumping by 305% against the previous year. Overall, the export price saw a significant expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Jamaica ($X per unit), while the average price for exports to the United States amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+2,209.4%), while the prices for the other major destinations experienced mixed trend patterns.

Watch Imports

Imports into the Dominican Republic

In 2021, approx. X units of watches were imported into the Dominican Republic; increasing by 32% compared with 2020 figures. Overall, imports recorded significant growth. The growth pace was the most rapid in 2019 when imports increased by 773%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, watch imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +11.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest supplier of watch to the Dominican Republic, accounting for a 10% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), threefold. The third position in this ranking was taken by Panama (X units), with a 0.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+29.0% per year) and Panama (-4.9% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watches to the Dominican Republic, comprising 76% of total imports. The second position in the ranking was held by China ($X), with an 18% share of total imports. It was followed by Panama, with a 1.7% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland amounted to +31.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.3% per year) and Panama (+23.5% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, growing by 17% against the previous year. Overall, the import price, however, saw a abrupt slump. The pace of growth was the most pronounced in 2018 when the average import price increased by 24% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by Panama (+29.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for watches in the world?

South Africa remains the largest watch consuming country worldwide, comprising approx. 65% of total volume. Moreover, watch consumption in South Africa exceeded the figures recorded by the second-largest consumer, the United States, more than tenfold. China ranked third in terms of total consumption with a 5% share.

What are the largest producers of watches in the world?

The country with the largest volume of watch production was South Africa, accounting for 94% of total volume. Moreover, watch production in South Africa exceeded the figures recorded by the second-largest producer, China, more than tenfold.

What are the leading suppliers of watches to the Dominican Republic?

In value terms, Switzerland constituted the largest supplier of watch to the Dominican Republic, comprising 67% of total imports. The second position in the ranking was occupied by China, with a 17% share of total imports. It was followed by Hong Kong SAR, with a 2.5% share.

What are the leading importers of watches from the Dominican Republic?

In value terms, the United States remains the key foreign market for watch exports from the Dominican Republic, comprising 97% of total exports. The second position in the ranking was occupied by Switzerland, with a 0.9% share of total exports.

What is the average export price for watches in the Dominican Republic?

The average watch export price stood at $7.1 per unit in 2021, growing by 3.9% against the previous year.

What is the average import price for watches in the Dominican Republic?

In 2021, the average watch import price amounted to $178 per unit, with an increase of 4.8% against the previous year.

This report provides an in-depth analysis of the watch market in the Dominican Republic. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 26521100 - Wrist-watches, pocket-watches, with case of precious metal or of metal clad with precious metal
Prodcom 26521200 - Other wrist-watches, pocket-watches and other watches, i ncluding stop-watches

Country coverage:

Dominican Republic

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the Dominican Republic
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023