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

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

The Estonian market for plastic or non-precious metal watches reduced remarkably to $X in 2022, shrinking by -22.8% 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, however, saw a strong increase. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Estonia

After two years of decline, shipments abroad of plastic or non-precious metal watches increased by 119% to X units in 2022. Overall, exports, however, continue to indicate a noticeable curtailment. Over the period under review, the exports reached the peak figure at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports skyrocketed to $X in 2022. Over the period under review, exports showed a remarkable increase. The growth pace was the most rapid in 2014 with an increase of 269% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X units), Finland (X units) and Latvia (X units) were the main destinations of plastic or non-precious metal watch exports from Estonia, with a combined 37% share of total exports. Lithuania, Japan, Hong Kong SAR, Armenia, the Czech Republic, South Korea, Sweden, Poland, Slovakia and Russia lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +262.7%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for plastic or non-precious metal watches exports from Estonia, comprising 38% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 9.9% share of total exports. It was followed by Latvia, with a 9.4% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR amounted to +51.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+64.4% per year) and Latvia (+6.4% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, shrinking by -41.7% against the previous year. Over the period under review, the export price, however, saw a buoyant increase. The pace of growth was the most pronounced in 2014 when the average export price increased by 180%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2021, and then fell sharply in the following year.

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 Hong Kong SAR ($X per unit), while the average price for exports to Finland ($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 Poland (+46.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Estonia

In 2022, supplies from abroad of plastic or non-precious metal watches increased by 4.9% to X units, rising for the second year in a row after two years of decline. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 42%. Over the period under review, imports attained the peak figure at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, plastic or non-precious metal watch imports declined to $X in 2022. Overall, imports saw buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 112% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Estonia, accounting for a 76% 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), more than tenfold. Vietnam (X units) ranked third in terms of total imports with a 2.7% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-7.1% per year) and Vietnam (+142.1% per year).

In value terms, China ($X) constituted the largest supplier of plastic or non-precious metal watches to Estonia, comprising 44% of total imports. The second position in the ranking was taken by Switzerland ($X), with a 19% share of total imports. It was followed by Vietnam, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-0.4% per year) and Vietnam (+155.3% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, which is down by -13.8% against the previous year. Over the period under review, the import price, however, continues to indicate a strong expansion. The growth pace was the most rapid in 2020 an increase of 52% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2021, and then dropped 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 ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform