Middle East: Bracelet Market 2024

Bracelet Market Size in the Middle East

The Middle Eastern bracelet market reduced to $X in 2022, waning by -3.6% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then declined modestly in the following year.

Bracelet Production in the Middle East

In value terms, bracelet production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a noticeable reduction. The most prominent rate of growth was recorded in 2016 when the production volume increased by 18%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Bracelet Exports

Exports in the Middle East

After three years of growth, shipments abroad of watch straps, bands and bracelets decreased by -2.4% to X units in 2022. Overall, exports, however, showed a strong increase. The growth pace was the most rapid in 2015 with an increase of 206% against the previous year. Over the period under review, the exports reached the maximum at X units in 2021, and then fell slightly in the following year.

In value terms, bracelet exports soared to $X in 2022. Over the period under review, exports, however, saw a temperate expansion. The most prominent rate of growth was recorded in 2015 with an increase of 202%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

The United Arab Emirates represented the key exporter of watch straps, bands and bracelets in the Middle East, with the volume of exports accounting for X units, which was approx. 53% of total exports in 2022. Turkey (X units) ranks second in terms of the total exports with a 32% share, followed by Oman (9.5%). Saudi Arabia (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Oman (with a CAGR of +45.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest bracelet supplying countries in the Middle East were the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X), together accounting for 87% of total exports. Oman lagged somewhat behind, accounting for a further 1.8%.

Among the main exporting countries, Oman, with a CAGR of +43.5%, saw the highest growth rate of 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 export price in the Middle East amounted to $X per unit, increasing by 101% against the previous year. Overall, the export price, however, showed a abrupt setback. The pace of growth was the most pronounced in 2018 an increase of 199%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+13.6%), while the other leaders experienced more modest paces of growth.

Bracelet Imports

Imports in the Middle East

In 2022, supplies from abroad of watch straps, bands and bracelets increased by 14% to X units, rising for the sixth year in a row after two years of decline. Over the period under review, imports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 90% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, bracelet imports shrank to $X in 2022. Total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +7.8% 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 +48.0% against 2014 indices. The pace of growth appeared the most rapid in 2021 with an increase of 71%. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, Turkey (X units) represented the largest importer of watch straps, bands and bracelets, mixing up 46% of total imports. The United Arab Emirates (X units) took a 29% share (based on physical terms) of total imports, which put it in second place, followed by Israel (12%). Kuwait (X units), Oman (X units), Iran (X units) and Iraq (X units) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +50.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Israel ($X) were the countries with the highest levels of imports in 2022, together comprising 78% of total imports. Kuwait, Iran, Oman and Iraq lagged somewhat behind, together accounting for a further 12%.

In terms of the main importing countries, Iraq, with a CAGR of +29.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per unit in 2022, falling by -21.6% against the previous year. Overall, the import price recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2013 an increase of 43%. The level of import peaked at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Kuwait ($X per unit), while Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+3.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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