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

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

In 2022, the Finnish market for plastic or non-precious metal watches increased by 51% to $X for the first time since 2015, thus ending a six-year declining trend. Overall, consumption, however, recorded a noticeable slump. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Production of Plastic or Non-Precious Metal Watches in Finland

In value terms, plastic or non-precious metal watch production declined to $X in 2022 estimated in export price. In general, production saw a dramatic downturn. The most prominent rate of growth was recorded in 2013 with an increase of 45% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Finland

In 2022, the amount of plastic or non-precious metal watches exported from Finland declined significantly to X units, which is down by -77.9% against the previous year's figure. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 1,127% against the previous year. As a result, the exports reached the peak of X units, and then contracted remarkably in the following year.

In value terms, plastic or non-precious metal watch exports contracted remarkably to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 1,020%. As a result, the exports attained the peak of $X, and then reduced notably in the following year.

Exports by Country

Estonia (X units) was the main destination for plastic or non-precious metal watch exports from Finland, with a 61% share of total exports. Moreover, plastic or non-precious metal watch exports to Estonia exceeded the volume sent to the second major destination, Sweden (X units), threefold. The third position in this ranking was held by Russia (X units), with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia amounted to +17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+43.1% per year) and Russia (-7.4% per year).

In value terms, Estonia ($X), the United States ($X) and Sweden ($X) appeared to be the largest markets for plastic or non-precious metal watch exported from Finland worldwide, with a combined 46% share of total exports. Russia, Kazakhstan, Hong Kong SAR, Germany and China lagged somewhat behind, together comprising a further 17%.

In terms of the main countries of destination, Kazakhstan, with a CAGR of +58.9%, recorded 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, falling by -43.7% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 79%. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Estonia ($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 the United States (+23.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Finland

In 2022, approx. X units of plastic or non-precious metal watches were imported into Finland; declining by -5.5% on 2021. Overall, imports saw a noticeable curtailment. The pace of growth was the most pronounced in 2021 with an increase of 63%. Over the period under review, imports attained the maximum at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports amounted to $X in 2022. In general, imports recorded a noticeable decline. The pace of growth appeared the most rapid in 2021 with an increase of 37% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Hong Kong SAR (X units) and Switzerland (X units) were the main suppliers of plastic or non-precious metal watch imports to Finland, with a combined 90% share of total imports. Sweden, Malaysia, Germany and Denmark lagged somewhat behind, together comprising a further 6.1%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +124.1%), while imports for the other leaders experienced a decline.

In value terms, Switzerland ($X), China ($X) and Hong Kong SAR ($X) appeared to be the largest plastic or non-precious metal watch suppliers to Finland, together accounting for 87% of total imports. Sweden, Germany, Malaysia and Denmark lagged somewhat behind, together accounting for a further 6.5%.

Malaysia, with a CAGR of +96.0%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, surging by 9.5% against the previous year. In general, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.0% 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 -33.4% against 2017 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 44%. Over the period under review, average import prices reached the maximum at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+24.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform