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

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

The Egyptian market for plastic or non-precious metal watches fell sharply to $X in 2022, which is down by -25.5% 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). In general, consumption recorded a noticeable decline. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Egypt

In 2022, shipments abroad of plastic or non-precious metal watches decreased by -52.8% to X units, falling for the fourth consecutive year after three years of growth. In general, exports showed a deep reduction. The growth pace was the most rapid in 2014 with an increase of 332% against the previous year. Over the period under review, the exports attained the maximum at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, plastic or non-precious metal watch exports expanded markedly to $X in 2022. Overall, exports, however, posted prominent growth. The pace of growth appeared the most rapid in 2014 when exports increased by 193% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X units) was the main destination for plastic or non-precious metal watch exports from Egypt, accounting for a 74% share of total exports. Moreover, plastic or non-precious metal watch exports to Hong Kong SAR exceeded the volume sent to the second major destination, Switzerland (X units), sevenfold. Ireland (X units) ranked third in terms of total exports with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR stood at -10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-14.3% per year) and Ireland (+105.9% per year).

In value terms, Hong Kong SAR ($X), Switzerland ($X) and Ireland ($X) were the largest markets for plastic or non-precious metal watch exported from Egypt worldwide, with a combined 97% share of total exports.

Among the main countries of destination, Ireland, with a CAGR of +129.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, picking up by 126% against the previous year. In general, the export price continues to indicate a significant increase. The pace of growth appeared the most rapid in 2019 an increase of 138%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Ireland ($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 Switzerland (+30.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Egypt

In 2022, approx. X units of plastic or non-precious metal watches were imported into Egypt; with a decrease of -26.6% on 2021 figures. Over the period under review, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 73% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, plastic or non-precious metal watch imports shrank notably to $X in 2022. Overall, imports continue to indicate a noticeable slump. The pace of growth appeared the most rapid in 2018 when imports increased by 49%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Egypt, accounting for a 78% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+5.0% per year) and Hong Kong SAR (-55.9% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Egypt, comprising 85% of total imports. The second position in the ranking was taken by China ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland stood at +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-15.1% per year) and Hong Kong SAR (-61.6% per year).

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, picking up by 1.6% against the previous year. In general, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.4% 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 decreased by -12.7% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the average import price increased by 56%. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, 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 ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+3.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform