Guatemala: Market for Plastic or Non-Precious Metal Watches 2025

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

The Guatemalan market for plastic or non-precious metal watches surged to $X in 2022, picking up by 418% 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 saw strong growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Plastic or Non-Precious Metal Watches

Exports from Guatemala

In 2022, overseas shipments of plastic or non-precious metal watches decreased by -44% to X units, falling for the fifth year in a row after four years of growth. In general, exports recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 261%. The exports peaked 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 fell to $X in 2022. Over the period under review, exports saw a deep slump. The pace of growth appeared the most rapid in 2014 when exports increased by 47%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Switzerland (X units), Honduras (X units) and Panama (X units) were the main destinations of plastic or non-precious metal watch exports from Guatemala.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +6.3%), while the other leaders experienced a decline.

In value terms, the United States ($X), Honduras ($X) and El Salvador ($X) constituted the largest markets for plastic or non-precious metal watch exported from Guatemala worldwide, with a combined 36% share of total exports.

The United States, with a CAGR of +26.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, jumping by 56% against the previous year. Over the period under review, the export price recorded a remarkable increase. The pace of growth was the most pronounced in 2013 an increase of 357% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices failed to regain momentum.

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 the United States ($X per unit), while the average price for exports to Switzerland ($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 (+61.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Guatemala

In 2022, overseas purchases of plastic or non-precious metal watches increased by 519% to X units, rising for the second consecutive year after three years of decline. Overall, imports recorded a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, plastic or non-precious metal watch imports expanded to $X in 2022. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 32% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of plastic or non-precious metal watch to Guatemala, with a 25% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), sevenfold. Switzerland (X units) ranked third in terms of total imports with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+39.1% per year) and Switzerland (+5.4% per year).

In value terms, Switzerland ($X), China ($X) and the United States ($X) appeared to be the largest plastic or non-precious metal watch suppliers to Guatemala, with a combined 97% share of total imports. Vietnam, Thailand, Japan, Panama, Mexico and Hong Kong SAR lagged somewhat behind, together accounting for a further 17%.

Vietnam, with a CAGR of +45.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, declining by -83.3% against the previous year. Overall, the import price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2018 when the average import price increased by 43%. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then contracted dramatically 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 ($X per unit), while the price for Mexico ($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 (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform