GCC: Rough Watch Movements Market 2024

Rough Watch Movements Market Size in GCC

The GCC rough watch movements market soared to $X in 2021, increasing by 26% against the previous year. Over the period under review, consumption enjoyed a significant increase. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Rough Watch Movements Production in GCC

In value terms, rough watch movements production dropped modestly to $X in 2021 estimated in export price. The total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +53.9% against 2012 indices. The pace of growth appeared the most rapid in 2018 with an increase of 15% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then contracted in the following year.

Rough Watch Movements Exports

Exports in GCC

For the fourth consecutive year, GCC recorded decline in overseas shipments of rough watch movements, which decreased by -71.4% to X units in 2020. Over the period under review, exports recorded a sharp descent. The most prominent rate of growth was recorded in 2013 when exports increased by 77% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2020, the growth of the exports remained at a somewhat lower figure.

In value terms, rough watch movements exports dropped to $X in 2020. Overall, exports, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2015 with an increase of 228% against the previous year. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2020, the exports failed to regain momentum.

Exports by Country

The biggest shipments were from , together accounting for 1% of total export.

The United Arab Emirates was also the fastest-growing in terms of the rough watch movements exports, with a CAGR of -33.5% from 2012 to 2021. The United Arab Emirates (-99 p.p.) significantly weakened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest rough watch movements supplier in GCC.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates stood at -21.5%.

Export Prices by Country

The export price in GCC stood at $X per unit in 2020, with an increase of 205% against the previous year. Over the period under review, the export price posted a significant increase. The most prominent rate of growth was recorded in 2015 when the export price increased by 329%. The level of export peaked in 2020 and is expected to retain growth in the near future.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2020, the rate of growth in terms of prices for the United Arab Emirates amounted to +75.9% per year.

Rough Watch Movements Imports

Imports in GCC

In 2021, the amount of rough watch movements imported in GCC skyrocketed to X units, increasing by 77% on the year before. Over the period under review, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 585% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, rough watch movements imports skyrocketed to $X in 2021. Overall, imports posted significant growth. The growth pace was the most rapid in 2016 when imports increased by 406%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates was the main importing country with an import of around X units, which accounted for 66% of total imports. It was distantly followed by Qatar (X units), creating a 33% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to rough watch movements imports into the United Arab Emirates stood at +28.5%. At the same time, Qatar (+4,890.0%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +4,890.0% from 2012-2021. Qatar (+33 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported rough watch movements in GCC, comprising 100% of total imports. The second position in the ranking was taken by Qatar ($X), with a 0.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +68.9%.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per unit, shrinking by -18.9% against the previous year. Over the period under review, the import price, however, saw a resilient increase. The growth pace was the most rapid in 2017 when the import price increased by 373% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2020, and then reduced sharply in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while Qatar amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+31.4%).

Source: IndexBox Platform