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

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

In 2022, the Lithuanian market for plastic or non-precious metal watches decreased by -38.1% to $X, falling for the second consecutive year after two years of growth. In general, consumption recorded a noticeable setback. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Plastic or Non-Precious Metal Watches in Lithuania

In value terms, plastic or non-precious metal watch production fell slightly to $X in 2022 estimated in export price. In general, production, however, saw a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 700% against the previous year. Plastic or non-precious metal watch production peaked at $X in 2021, and then reduced slightly in the following year.

Exports of Plastic or Non-Precious Metal Watches

Exports from Lithuania

In 2022, approx. X units of plastic or non-precious metal watches were exported from Lithuania; with a decrease of -9.3% on the previous year's figure. In general, exports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2019 with an increase of 46% against the previous year. The exports peaked at X units in 2021, and then declined in the following year.

In value terms, plastic or non-precious metal watch exports fell slightly to $X in 2022. Over the period under review, exports, however, posted buoyant growth. The growth pace was the most rapid in 2019 when exports increased by 48% against the previous year. The exports peaked at $X in 2021, and then shrank slightly in the following year.

Exports by Country

Germany (X units), France (X units) and Poland (X units) were the main destinations of plastic or non-precious metal watch exports from Lithuania, with a combined 47% share of total exports. Latvia, Estonia, Romania, Russia, Switzerland, Slovakia, the Czech Republic, Sweden, Japan and Hong Kong SAR lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of +53.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Switzerland ($X) and Latvia ($X) constituted the largest markets for plastic or non-precious metal watch exported from Lithuania worldwide, with a combined 46% share of total exports.

Among the main countries of destination, Switzerland, with a CAGR of +45.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, increasing by 6.9% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by 36% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to France ($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 Hong Kong SAR (+15.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Lithuania

Plastic or non-precious metal watch imports into Lithuania shrank remarkably to X units in 2022, falling by -16.8% on the previous year. Over the period under review, imports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 43%. Imports peaked at X units in 2021, and then declined remarkably in the following year.

In value terms, plastic or non-precious metal watch imports contracted sharply to $X in 2022. Overall, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 97% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then declined dramatically in the following year.

Imports by Country

China (X units), Latvia (X units) and Germany (X units) were the main suppliers of plastic or non-precious metal watch imports to Lithuania, with a combined 72% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Latvia (with a CAGR of +52.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Latvia ($X) constituted the largest supplier of plastic or non-precious metal watches to Lithuania, comprising 43% of total imports. The second position in the ranking was held by Switzerland ($X), with a 17% share of total imports. It was followed by China, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value from Latvia stood at +73.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+16.2% per year) and China (+12.6% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, therefore, remained relatively stable against the previous year. Overall, the import price, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2019 when the average import price increased by 58% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then fell slightly in the following year.

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 ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform