Hong Kong SAR, China: Market for Plastic or Non-Precious Metal Watches 2024

Market Size for Plastic or Non-Precious Metal Watches in Hong Kong SAR, China

In 2022, the Hong Kong market for plastic or non-precious metal watches decreased by -7.8% to $X, falling for the second consecutive year after six years of growth. In general, consumption, however, saw prominent growth. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Plastic or Non-Precious Metal Watches in Hong Kong SAR, China

In value terms, plastic or non-precious metal watch production expanded to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the production volume increased by 23% against the previous year. Plastic or non-precious metal watch production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Hong Kong SAR, China

In 2022, exports of plastic or non-precious metal watches from Hong Kong SAR shrank to X units, with a decrease of -14.6% on the year before. In general, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 452% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, plastic or non-precious metal watch exports dropped significantly to $X in 2022. Overall, exports continue to indicate a noticeable reduction. The pace of growth appeared the most rapid in 2021 with an increase of 32%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), the Philippines (X units) and Germany (X units) were the main destinations of plastic or non-precious metal watch exports from Hong Kong SAR, together accounting for 44% of total exports. Japan, Indonesia, the UK, China, the Netherlands, Spain, the United Arab Emirates, India, Turkey and Italy lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +28.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Germany ($X) were the largest markets for plastic or non-precious metal watch exported from Hong Kong SAR worldwide, with a combined 42% share of total exports. The Philippines, Japan, the United Arab Emirates, Italy, the Netherlands, the UK, Spain, India, Indonesia and Turkey lagged somewhat behind, together comprising a further 28%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +36.2%, saw 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

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, almost unchanged from the previous year. Over the period under review, the export price, however, saw strong growth. The pace of growth appeared the most rapid in 2013 when the average export price increased by 532% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to the Philippines ($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 India (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Hong Kong SAR, China

In 2022, imports of plastic or non-precious metal watches into Hong Kong SAR dropped remarkably to X units, waning by -23.8% against the year before. In general, imports saw a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 21%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, plastic or non-precious metal watch imports shrank rapidly to $X in 2022. Over the period under review, imports recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 32% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 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 Hong Kong SAR, accounting for a 88% 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), more than tenfold. The third position in this ranking was held by Switzerland (X units), with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+4.1% per year) and Switzerland (-8.7% per year).

In value terms, the largest plastic or non-precious metal watch suppliers to Hong Kong SAR were Switzerland ($X), China ($X) and Japan ($X), together accounting for 86% of total imports. Thailand lagged somewhat behind, accounting for a further 5%.

Thailand, with a CAGR of +14.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, waning by -5.1% against the previous year. Overall, the import price, however, continues to indicate resilient growth. The pace of growth appeared the most rapid in 2020 an increase of 25%. The import price peaked at $X per unit in 2021, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+19.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform