Latin America and the Caribbean: Precious Metal Watch Market 2025

Precious Metal Watch Market Size in Latin America and the Caribbean

The Latin American precious metal watch market reduced to $X in 2022, waning by -5.8% against the previous year. Over the period under review, consumption saw a abrupt decline. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Precious Metal Watch Production in Latin America and the Caribbean

In value terms, precious metal watch production expanded sharply to $X in 2022 estimated in export price. Overall, production, however, faced a abrupt curtailment. The pace of growth was the most pronounced in 2020 with an increase of 49%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Precious Metal Watch Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of precious metal watches decreased by -17.1% to X units, falling for the third consecutive year after two years of growth. Overall, exports saw a drastic downturn. The growth pace was the most rapid in 2013 with an increase of 83%. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, precious metal watch exports dropped significantly to $X in 2022. In general, exports recorded a deep slump. The growth pace was the most rapid in 2019 with an increase of 74%. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Panama was the key exporting country with an export of about X units, which reached 43% of total exports. It was distantly followed by Peru (X units), Chile (X units) and Costa Rica (X units), together constituting a 32% share of total exports. The following exporters - Saint Maarten (Dutch part) (X units), Brazil (X units), Saint Lucia (X units), Bahamas (X units) and Antigua and Barbuda (X units) - together made up 15% of total exports.

Exports from Panama decreased at an average annual rate of -3.6% from 2012 to 2022. At the same time, Saint Maarten (Dutch part) (+18.6%), Costa Rica (+18.1%), Antigua and Barbuda (+8.6%), Peru (+6.1%) and Bahamas (+5.2%) displayed positive paces of growth. Moreover, Saint Maarten (Dutch part) emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +18.6% from 2012-2022. By contrast, Brazil (-2.2%), Chile (-8.9%) and Saint Lucia (-14.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Costa Rica, Panama, Peru, Saint Maarten (Dutch part), Antigua and Barbuda and Bahamas increased by +8.2, +8, +7.9, +3.6, +1.7 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X), Chile ($X) and Panama ($X) constituted the countries with the highest levels of exports in 2022, together comprising 30% of total exports. Saint Lucia, Bahamas, Costa Rica, Peru, Saint Maarten (Dutch part) and Antigua and Barbuda lagged somewhat behind, together accounting for a further 13%.

Costa Rica, with a CAGR of +21.6%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, declining by -3% against the previous year. Overall, the export price continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2015 when the export price increased by 61%. Over the period under review, the export prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per unit), while Antigua and Barbuda ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+23.4%), while the other leaders experienced more modest paces of growth.

Precious Metal Watch Imports

Imports in Latin America and the Caribbean

Precious metal watch imports fell rapidly to X units in 2022, shrinking by -45.5% on the year before. Over the period under review, imports saw a deep slump. The growth pace was the most rapid in 2021 when imports increased by 44%. The volume of import peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, precious metal watch imports surged to $X in 2022. In general, imports saw a slight slump. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Colombia (X units) and Peru (X units) represented roughly 58% of total imports in 2022. Jamaica (X units) ranks next in terms of the total imports with a 6.1% share, followed by Brazil (5.6%), Bolivia (5.6%) and Chile (5.3%). Ecuador (X units) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +36.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Jamaica ($X), Colombia ($X) and Brazil ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 21% of total imports.

Colombia, with a CAGR of +10.3%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, surging by 137% against the previous year. Import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Jamaica ($X per unit), while Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jamaica (+26.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform