Luxembourg: 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 Luxembourg

In 2021, the Luxembourg market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals increased by 39% to $X, rising for the third year in a row after three years of decline. Over the period under review, consumption saw a significant expansion. Over the period under review, the market reached the peak level in 2021 and is likely to continue growth in the near future.

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

In value terms, production of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by 3.8% against the previous year. Production of peaked at $X in 2020, and then shrank in the following year.

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 Luxembourg

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 increased by 161% to X units, rising for the second consecutive year after two years of decline. In general, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 51,924% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

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 skyrocketed to $X in 2021. Overall, exports enjoyed a measured increase. The most prominent rate of growth was recorded in 2014 when exports increased by 386% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Ireland (X units) was the main destination for exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals from Luxembourg, accounting for a 68% share of total exports. Moreover, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals to Ireland exceeded the volume sent to the second major destination, Spain (X units), fourfold. Sweden (X units) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ireland totaled +333.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+560.2% per year) and Sweden (+2,082.7% per year).

In value terms, Belgium ($X) remains the key foreign market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal exports from Luxembourg, comprising 26% of total exports. The second position in the ranking was taken by France ($X), with a 9.4% share of total exports. It was followed by Ireland, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Belgium totaled +17.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+6.3% per year) and Ireland (+56.6% per year).

Export Prices by Country

In 2021, 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 amounted to $X per unit, with a decrease of -52.3% against the previous year. In general, the export price recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2019 when the average export price increased by 378% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Belgium ($X per unit), while the average price for exports to Ireland ($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 Belgium (-26.3%), while the prices for the other major destinations experienced a decline.

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 Luxembourg

In 2021, purchases abroad of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals increased by 45% to X units, rising for the third year in a row after three years of decline. Over the period under review, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 94,567%. Over the period under review, imports of attained the maximum in 2021 and are likely to continue growth in the immediate term.

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 soared to $X in 2021. The total import value increased at an average annual rate of +6.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 36%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

Ireland (X units), Cyprus (X units) and Greece (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 Luxembourg, together accounting for 68% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ireland (with a CAGR of +5,379.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X) constituted the largest supplier of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal to Luxembourg, comprising 63% of total imports. The second position in the ranking was taken by Germany ($X), with an 18% share of total imports. It was followed by France, with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value from Belgium totaled +21.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+22.5% per year) and France (+10.3% 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, reducing by -16.7% against the previous year. Overall, the import price showed a sharp shrinkage. The pace of growth appeared the most rapid in 2014 an increase of 131%. Over the period under review, average import prices reached the maximum at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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 Cyprus (less than $X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Greece (-8.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform