Kuwait: Market for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal 2022

Market Size for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal in Kuwait

The Kuwaiti market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals skyrocketed to $X in 2021, picking up by 45% 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). Over the period under review, consumption, however, saw a abrupt descent. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Exports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Exports from Kuwait

In 2021, shipments abroad of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals decreased by -43.6% to X units, falling for the third year in a row after five years of growth. In general, exports, however, posted a buoyant expansion. The pace of growth was the most pronounced in 2016 with an increase of 115%. Over the period under review, the exports of reached the peak figure at X units in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals shrank slightly to $X in 2021. Over the period under review, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 56%. As a result, the exports reached the peak of $X, and then dropped slightly in the following year.

Exports by Country

Hong Kong SAR (X units) and Switzerland (X units) were the main destinations of exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals from Kuwait.

From 2012 to 2021, the biggest increases were in Hong Kong SAR (with a CAGR of +50.9%).

In value terms, Hong Kong SAR ($X) and Switzerland ($X) appeared to be the largest markets for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal exported from Kuwait worldwide.

Hong Kong SAR, with a CAGR of +65.9%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

The average export price for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals stood at $X per unit in 2021, with an increase of 71% against the previous year. In general, the export price enjoyed prominent growth. The most prominent rate of growth was recorded in 2020 an increase of 107% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2021, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Switzerland stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+13.1%).

Imports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Imports into Kuwait

In 2021, imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals into Kuwait skyrocketed to X units, jumping by 39% on the previous year's figure. Overall, imports, however, showed a deep downturn. The pace of growth appeared the most rapid in 2019 when imports increased by 231% against the previous year. Over the period under review, imports of hit record highs at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals stood at $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 42% against the previous year. Over the period under review, imports of hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Switzerland (X units), China (X units) and the United Arab Emirates (X units) were the main suppliers of imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals to Kuwait, with a combined 15% share of total imports. France, Japan and Germany lagged somewhat behind, together accounting for a further 1.2%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +15.8%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Switzerland ($X) constituted the largest supplier of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal to Kuwait, comprising 71% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 24% share of total imports. It was followed by China, with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland stood at -4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-14.9% per year) and China (+7.6% per year).

Import Prices by Country

The average import price for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals stood at $X per unit in 2021, which is down by -24.5% against the previous year. Overall, the import price, however, continues to indicate a remarkable increase. The pace of growth was the most pronounced in 2015 when the average import price increased by 217%. Over the period under review, average import prices hit record highs at $X per unit in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for Japan ($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 (+61.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform