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

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

The Iraqi market for plastic or non-precious metal watches reduced to $X in 2022, which is down by -9.7% 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, however, enjoyed a buoyant increase. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Iraq

In 2022, the amount of plastic or non-precious metal watches exported from Iraq contracted remarkably to X units, which is down by -22% compared with the year before. Overall, exports, however, enjoyed measured growth. The most prominent rate of growth was recorded in 2015 when exports increased by 322% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports reduced remarkably to $X in 2022. Over the period under review, exports, however, enjoyed a slight expansion. The growth pace was the most rapid in 2021 with an increase of 104% against the previous year. As a result, the exports reached the peak of $X, and then fell significantly in the following year.

Exports by Country

Hong Kong SAR (X units) was the main destination for plastic or non-precious metal watch exports from Iraq, with a 92% share of total exports. It was followed by Germany (X units), with a 2.6% share of total exports. The third position in this ranking was held by Singapore (X units), with a 1.2% share.

From 2012 to 2022, the average annual growth rate of volume to Hong Kong SAR stood at +3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+146.0% per year) and Singapore (-49.4% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for plastic or non-precious metal watches exports from Iraq, comprising 95% of total exports. The second position in the ranking was taken by Singapore ($X), with a 1.4% share of total exports. It was followed by Germany, with a 0.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-26.6% per year) and Germany (+52.3% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, with a decrease of -4.5% against the previous year. Over the period under review, the export price showed a pronounced downturn. The most prominent rate of growth was recorded in 2018 an increase of 54% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 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 Singapore ($X per unit), while the average price for exports to Germany ($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 Singapore (+45.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Iraq

Plastic or non-precious metal watch imports into Iraq fell to X units in 2022, with a decrease of -12.1% compared with 2021 figures. In general, imports, however, recorded noticeable growth. The most prominent rate of growth was recorded in 2015 when imports increased by 100% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports reached $X in 2022. Over the period under review, imports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 78%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Iraq, accounting for a 48% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X units), twofold. Switzerland (X units) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +21.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+4.4% per year) and Switzerland (+4.9% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Iraq, comprising 61% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by the United Arab Emirates, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value from Switzerland amounted to +28.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+16.8% per year) and the United Arab Emirates (-7.4% per year).

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, surging by 14% against the previous year. Over the period under review, the import price showed a strong expansion. The pace of growth was the most pronounced in 2016 when the average import price increased by 402% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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 ($X per unit), while the price for Turkey ($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 (+36.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform