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

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

In 2022, the Hungarian market for plastic or non-precious metal watches increased by 18% to $X, rising for the second consecutive year after three years of decline. Overall, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +53.5% against 2020 indices. Plastic or non-precious metal watch consumption peaked in 2022 and is expected to retain growth in the near future.

Exports of Plastic or Non-Precious Metal Watches

Exports from Hungary

After two years of growth, shipments abroad of plastic or non-precious metal watches decreased by -13.1% to X units in 2022. Overall, exports, however, recorded a tangible increase. The most prominent rate of growth was recorded in 2015 when exports increased by 50% against the previous year. Over the period under review, the exports attained the maximum at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, plastic or non-precious metal watch exports declined rapidly to $X in 2022. Over the period under review, exports, however, posted a tangible increase. The most prominent rate of growth was recorded in 2016 with an increase of 97%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Slovakia (X units) was the main destination for plastic or non-precious metal watch exports from Hungary, with a 34% share of total exports. Moreover, plastic or non-precious metal watch exports to Slovakia exceeded the volume sent to the second major destination, Serbia (X units), threefold. The third position in this ranking was taken by Poland (X units), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Slovakia amounted to +22.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+10.7% per year) and Poland (+31.4% per year).

In value terms, Slovakia ($X) emerged as the key foreign market for plastic or non-precious metal watches exports from Hungary, comprising 25% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with an 11% share of total exports. It was followed by Austria, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Slovakia amounted to +13.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-3.2% per year) and Austria (+45.3% per year).

Export Prices by Country

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, shrinking by -28.3% against the previous year. Over the period under review, the export price, however, continues to indicate a slight expansion. The growth pace was the most rapid in 2018 when the average export price increased by 56% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

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 Hong Kong SAR ($X per unit), while the average price for exports to Bosnia and Herzegovina ($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 Serbia (+12.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Hungary

In 2022, overseas purchases of plastic or non-precious metal watches increased by 19% to X units, rising for the second year in a row after three years of decline. Over the period under review, total imports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +48.6% against 2020 indices. The growth pace was the most rapid in 2014 when imports increased by 45%. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports expanded to $X in 2022. In general, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +37.0% against 2020 indices. The growth pace was the most rapid in 2014 when imports increased by 41% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

Poland (X units), Slovakia (X units) and Switzerland (X units) were the main suppliers of plastic or non-precious metal watch imports to Hungary, with a combined 61% share of total imports. China, Hong Kong SAR, the Czech Republic, Germany, France, the Netherlands and Austria lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +48.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Hungary, comprising 46% of total imports. The second position in the ranking was held by Germany ($X), with a 9.9% share of total imports. It was followed by the Czech Republic, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value from Switzerland amounted to +16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+10.8% per year) and the Czech Republic (+55.7% per year).

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, reducing by -12.9% against the previous year. Over the period under review, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 an increase of 38%. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then dropped 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 Austria ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+21.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform