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

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

The Indonesian market for plastic or non-precious metal watches totaled $X in 2022, growing by 13% 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). Overall, consumption posted a significant expansion. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in the near future.

Exports of Plastic or Non-Precious Metal Watches

Exports from Indonesia

In 2022, approx. X units of plastic or non-precious metal watches were exported from Indonesia; increasing by 60% compared with 2021. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 99% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, plastic or non-precious metal watch exports surged to $X in 2022. Over the period under review, exports recorded a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 136%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China (X units) was the main destination for plastic or non-precious metal watch exports from Indonesia, accounting for a 45% share of total exports. Moreover, plastic or non-precious metal watch exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X units), twofold. The United States (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +82.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+97.4% per year) and the United States (+56.7% per year).

In value terms, Hong Kong SAR ($X), China ($X) and Taiwan (Chinese) ($X) constituted the largest markets for plastic or non-precious metal watch exported from Indonesia worldwide, together accounting for 69% of total exports.

In terms of the main countries of destination, China, with a CAGR of +60.5%, recorded 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

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, dropping by -24.8% against the previous year. Over the period under review, the export price saw a deep downturn. The pace of growth was the most pronounced in 2019 when the average export price increased by 34% against the previous year. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to the Philippines ($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 Hong Kong SAR (+22.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Indonesia

In 2022, imports of plastic or non-precious metal watches into Indonesia totaled X units, remaining constant against the year before. Over the period under review, imports recorded significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 137%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, plastic or non-precious metal watch imports skyrocketed to $X in 2022. In general, imports enjoyed significant growth. The pace of growth was the most pronounced in 2017 with an increase of 122% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Indonesia, with a 56% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), fourfold. The third position in this ranking was taken by Switzerland (X units), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +38.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+68.7% per year) and Switzerland (+38.3% per year).

In value terms, the largest plastic or non-precious metal watch suppliers to Indonesia were China ($X), Switzerland ($X) and Vietnam ($X), together accounting for 67% of total imports. Singapore, Hong Kong SAR and Thailand lagged somewhat behind, together accounting for a further 27%.

Thailand, with a CAGR of +62.6%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, with an increase of 26% against the previous year. Overall, the import price, however, faced a abrupt setback. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Vietnam ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (-6.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform