Israel: Watch Market 2024

Watch Market Size in Israel

The Israeli watch market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Watch Exports

Exports from Israel

In 2021, shipments abroad of watches increased by 143% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports saw a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, watch exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when exports increased by 30% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X units) was the main destination for watch exports from Israel, accounting for a 38% share of total exports. Moreover, watch exports to Hong Kong SAR exceeded the volume sent to the second major destination, the United States (X units), twofold. The third position in this ranking was held by Germany (X units), with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Hong Kong SAR totaled +67.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+9.6% per year) and Germany (+32.1% per year).

In value terms, the United States ($X) remains the key foreign market for watches exports from Israel, comprising 53% of total exports. The second position in the ranking was taken by Singapore ($X), with a 17% share of total exports. It was followed by Hong Kong SAR, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +14.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+9.1% per year) and Hong Kong SAR (+8.6% per year).

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, which is down by -49.9% against the previous year. Over the period under review, the export price saw a noticeable reduction. The most prominent rate of growth was recorded in 2015 an increase of 59%. The export price peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Croatia ($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 Singapore (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Israel

In 2021, overseas purchases of watches increased by 64% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, total imports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, watch imports surged to $X in 2021. The total import value increased at an average annual rate of +4.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Switzerland (X units) constituted the largest supplier of watch to Israel, accounting for a 38% share of total imports. Moreover, watch imports from Switzerland exceeded the figures recorded by the second-largest supplier, China (X units), twofold. Hong Kong SAR (X units) ranked third in terms of total imports with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Switzerland stood at +20.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.6% per year) and Hong Kong SAR (-8.7% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watches to Israel, comprising 65% of total imports. The second position in the ranking was held by China ($X), with a 9.7% share of total imports. It was followed by Hong Kong SAR, with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland stood at +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+18.9% per year) and Hong Kong SAR (-1.1% per year).

Import Prices by Country

The average watch import price stood at $X per unit in 2021, falling by -8.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2014 an increase of 24% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+19.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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