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

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

In 2022, the Mexican market for plastic or non-precious metal watches increased by 23% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Plastic or non-precious metal watch consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Mexico

For the fifth consecutive year, Mexico recorded decline in overseas shipments of plastic or non-precious metal watches, which decreased by -43.1% to X units in 2022. In general, exports continue to indicate a significant decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 53%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports reduced remarkably to $X in 2022. Overall, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 36% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for plastic or non-precious metal watch exports from Mexico, accounting for a 70% share of total exports. Moreover, plastic or non-precious metal watch exports to the United States exceeded the volume sent to the second major destination, Switzerland (X units), fivefold. Guatemala (X units) ranked third in terms of total exports with a 9.8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled -15.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-19.3% per year) and Guatemala (-32.2% per year).

In value terms, the largest markets for plastic or non-precious metal watch exported from Mexico were Switzerland ($X), the United States ($X) and Guatemala ($X), with a combined 99% share of total exports.

Switzerland, with a CAGR of -5.2%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, falling by -8.4% against the previous year. In general, the export price, however, enjoyed resilient growth. The growth pace was the most rapid in 2018 when the average export price increased by 161% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Guatemala ($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 Costa Rica (+24.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Mexico

In 2022, overseas purchases of plastic or non-precious metal watches increased by 21% to X units, rising for the second consecutive year after five years of decline. Over the period under review, imports, however, saw a abrupt setback. The pace of growth was the most pronounced in 2015 when imports increased by 44% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports soared to $X in 2022. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 44%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Mexico, accounting for a 85% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), ninefold. The third position in this ranking was held by Thailand (X units), with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+3.7% per year) and Thailand (+10.3% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Mexico, comprising 63% of total imports. The second position in the ranking was taken by China ($X), with a 25% share of total imports. It was followed by Japan, with a 9.6% share.

From 2012 to 2022, the average annual growth rate of value from Switzerland totaled +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-1.6% per year) and Japan (+4.2% per year).

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, growing by 2.4% against the previous year. Over the period under review, the import price enjoyed prominent growth. The most prominent rate of growth was recorded in 2021 when the average import price increased by 27%. The import price peaked 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 ($X per unit), while the price for China ($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 (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform