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

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

After two years of growth, the Malaysian market for plastic or non-precious metal watches decreased by -1.1% to $X in 2022. Over the period under review, consumption, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2020 when the market value increased by 7.1%. Plastic or non-precious metal watch consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Plastic or Non-Precious Metal Watches in Malaysia

In value terms, plastic or non-precious metal watch production soared to $X in 2022 estimated in export price. In general, production saw a tangible expansion. The pace of growth was the most pronounced in 2020 with an increase of 99%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Malaysia

In 2022, overseas shipments of plastic or non-precious metal watches increased by 1.5% to X units, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate temperate growth. The most prominent rate of growth was recorded in 2018 when exports increased by 109%. As a result, the exports reached the peak of X units. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, plastic or non-precious metal watch exports fell to $X in 2022. Overall, exports posted a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 122%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand (X units) was the main destination for plastic or non-precious metal watch exports from Malaysia, with a 51% share of total exports. Moreover, plastic or non-precious metal watch exports to Thailand exceeded the volume sent to the second major destination, Hong Kong SAR (X units), threefold. Singapore (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand amounted to +25.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-6.4% per year) and Singapore (+2.2% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for plastic or non-precious metal watches exports from Malaysia, comprising 53% of total exports. The second position in the ranking was taken by Singapore ($X), with an 11% share of total exports. It was followed by the United States, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR totaled +13.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+8.9% per year) and the United States (+16.9% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, dropping by -10.1% against the previous year. Over the period under review, the export price, however, posted a remarkable increase. The pace of growth was the most pronounced in 2020 an increase of 106% against the previous year. The export price peaked at $X per unit in 2021, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Thailand ($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 (+21.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Malaysia

In 2022, supplies from abroad of plastic or non-precious metal watches increased by 0.5% to X units for the first time since 2016, thus ending a five-year declining trend. In general, imports, however, continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2016 when imports increased by 13% against the previous year. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports reduced to $X in 2022. Overall, imports, however, continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2021 with an increase of 20%. 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

In 2022, Hong Kong SAR (X units) constituted the largest plastic or non-precious metal watch supplier to Malaysia, with a 54% share of total imports. Moreover, plastic or non-precious metal watch imports from Hong Kong SAR exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The third position in this ranking was taken by Singapore (X units), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Hong Kong SAR stood at -13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-14.9% per year) and Singapore (+4.7% per year).

In value terms, the largest plastic or non-precious metal watch suppliers to Malaysia were Singapore ($X), Switzerland ($X) and Hong Kong SAR ($X), with a combined 84% share of total imports. China and Japan lagged somewhat behind, together comprising a further 7.9%.

Japan, with a CAGR of +4.1%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, which is down by -8.9% against the previous year. Over the period under review, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.9% 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 import price increased by +7.5% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 39%. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then dropped in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform