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

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

In 2022, the Latvian market for plastic or non-precious metal watches decreased by -10.4% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Latvia

In 2022, approx. X units of plastic or non-precious metal watches were exported from Latvia; with an increase of 9.3% compared with 2021 figures. Overall, exports posted a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 175% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, plastic or non-precious metal watch exports rose sharply to $X in 2022. In general, exports showed a significant expansion. The growth pace was the most rapid in 2014 when exports increased by 114% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.

Exports by Country

Lithuania (X units) was the main destination for plastic or non-precious metal watch exports from Latvia, with a 52% share of total exports. Moreover, plastic or non-precious metal watch exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X units), fourfold. Poland (X units) ranked third in terms of total exports with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania amounted to +29.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+13.0% per year) and Poland (+16.6% per year).

In value terms, Lithuania ($X) remains the key foreign market for plastic or non-precious metal watches exports from Latvia, comprising 46% of total exports. The second position in the ranking was taken by Estonia ($X), with a 14% share of total exports. It was followed by Poland, with a 7.6% share.

From 2012 to 2022, the average annual growth rate of value to Lithuania amounted to +42.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+29.0% per year) and Poland (+21.5% 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 an increase of 3.4% against the previous year. In general, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic or non-precious metal watch export price decreased by -12.2% against 2020 indices. The pace of growth was the most pronounced in 2013 an increase of 90%. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Belgium ($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 Estonia (+14.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Latvia

In 2022, the amount of plastic or non-precious metal watches imported into Latvia reduced to X units, waning by -6.6% on 2021. Over the period under review, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +15.9% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of 47% against the previous year. Imports peaked at X units in 2021, and then fell in the following year.

In value terms, plastic or non-precious metal watch imports surged to $X in 2022. In general, imports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2014 with an increase of 45%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

Germany (X units), Poland (X units) and Lithuania (X units) were the main suppliers of plastic or non-precious metal watch imports to Latvia, together comprising 63% of total imports. China, the Netherlands, Switzerland, Spain, Croatia, Estonia and Hong Kong SAR lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for Croatia (with a CAGR of +25.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Lithuania ($X) and Switzerland ($X) appeared to be the largest plastic or non-precious metal watch suppliers to Latvia, together comprising 71% of total imports.

Poland, with a CAGR of +78.1%, recorded the highest growth rate of 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 import price for plastic or non-precious metal watches stood at $X per unit in 2022, with an increase of 45% against the previous year. Overall, the import price saw a resilient expansion. The most prominent rate of growth was recorded in 2014 when the average import price increased by 52% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+41.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform