Ghana: Market for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal 2022

Market Size for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal in Ghana

The Ghanian market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals contracted to $X in 2021, with a decrease of -4.9% against the previous year. Over the period under review, consumption, however, enjoyed a significant increase. As a result, consumption attained the peak level of $X, and then shrank slightly in the following year.

Production of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal in Ghana

In value terms, production of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals contracted to $X in 2021 estimated in export price. Overall, the total production indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.2% 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 +83.8% against 2015 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 26% against the previous year. Production of peaked at $X in 2020, and then shrank in the following year.

Exports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Exports from Ghana

In 2021, overseas shipments of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals decreased by -2.7% to X units, falling for the fourth year in a row after four years of growth. In general, exports, however, posted significant growth. The growth pace was the most rapid in 2014 when exports increased by 557% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals declined to $X in 2021. Overall, exports, however, recorded significant growth. The growth pace was the most rapid in 2016 when exports increased by 357%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Nigeria (X units) was the main destination for exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals from Ghana, with a 66% share of total exports. Moreover, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals to Nigeria exceeded the volume sent to the second major destination, the UK (X units), threefold. The third position in this ranking was taken by Cote d'Ivoire (X units), with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Nigeria stood at +53.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+53.4% per year) and Cote d'Ivoire (-4.0% per year).

In value terms, the UK ($X) remains the key foreign market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal exports from Ghana, comprising 44% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 20% share of total exports. It was followed by the United Arab Emirates, with a 14% share.

From 2012 to 2021, the average annual growth rate of value to the UK stood at +135.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+68.2% per year) and the United Arab Emirates (+3,268.5% per year).

Export Prices by Country

In 2021, the average export price for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals amounted to $X per unit, declining by -4.2% against the previous year. In general, the export price, however, saw strong growth. The growth pace was the most rapid in 2016 an increase of 250% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2020, and then fell slightly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+7,587.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Imports into Ghana

In 2021, approx. X units of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals were imported into Ghana; reducing by -7.5% on 2020 figures. Overall, imports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2020 with an increase of 1,886%. As a result, imports attained the peak of X units, and then shrank in the following year.

In value terms, imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals stood at $X in 2021. In general, imports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 728%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal supplier to Ghana, accounting for a 76% share of total imports. Moreover, imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals from China exceeded the figures recorded by the second-largest supplier, Togo (X units), eightfold. France (X units) ranked third in terms of total imports with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +28.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Togo (+98.9% per year) and France (+32.2% per year).

In value terms, Belgium ($X) constituted the largest supplier of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal to Ghana, comprising 29% of total imports. The second position in the ranking was taken by China ($X), with a 12% share of total imports. It was followed by Italy, with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Belgium totaled +88.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+18.5% per year) and Italy (+13.1% per year).

Import Prices by Country

In 2021, the average import price for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals amounted to $X per unit, surging by 22% against the previous year. In general, the import price continues to indicate a moderate expansion. The pace of growth was the most pronounced in 2019 an increase of 307%. The import price peaked at $X per unit in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Belgium ($X per unit), while the price for Togo ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+35.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform