Indonesia: Watch Market 2024

Watch Market Size in Indonesia

The Indonesian watch market skyrocketed to $X in 2021, growing by 69% 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 enjoyed significant growth. Watch consumption peaked in 2021 and is expected to retain growth in the near future.

Watch Exports

Exports from Indonesia

In 2021, the amount of watches exported from Indonesia surged to X units, jumping by 29% against the previous year's figure. Overall, exports showed a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 270%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, watch exports expanded to $X in 2021. Over the period under review, exports saw a strong increase. The pace of growth appeared the most rapid in 2020 when exports increased by 163% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

China (X units) was the main destination for watch exports from Indonesia, accounting for a 27% share of total exports. Moreover, watch exports to China exceeded the volume sent to the second major destination, Singapore (X units), twofold. The third position in this ranking was held by Brunei Darussalam (X units), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to China amounted to +72.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+29.3% per year) and Brunei Darussalam (+81.0% per year).

In value terms, the largest markets for watch exported from Indonesia were Hong Kong SAR ($X), China ($X) and Singapore ($X), with a combined 62% share of total exports. Germany, Brunei Darussalam, the United States, Taiwan (Chinese), Malaysia, the Philippines and Morocco lagged somewhat behind, together comprising a further 24%.

Brunei Darussalam, with a CAGR of +76.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, waning by -19.3% against the previous year. Over the period under review, the export price continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2019 an increase of 79% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

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 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+31.8%), while the prices for the other major destinations experienced mixed trend patterns.

Watch Imports

Imports into Indonesia

In 2021, imports of watches into Indonesia surged to X units, growing by 81% on 2020. Overall, imports enjoyed significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 142% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, watch imports surged to $X in 2021. In general, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 149%. Imports peaked in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, China (X units) constituted the largest supplier of watch to Indonesia, with a 72% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), fourfold. The third position in this ranking was taken by Vietnam (X units), with a 2.2% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +49.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+49.9% per year) and Vietnam (+63.0% per year).

In value terms, China ($X), Switzerland ($X) and Vietnam ($X) constituted the largest watch suppliers to Indonesia, together accounting for 76% of total imports. These countries were followed by Singapore, Hong Kong SAR and the Philippines, which together accounted for a further 6.7%.

The Philippines, with a CAGR of +58.0%, 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

The average watch import price stood at $X per unit in 2021, which is down by -17.9% against the previous year. Over the period under review, the import price faced a deep contraction. The pace of growth appeared the most rapid in 2013 an increase of 9.2% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-2.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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