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

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

In 2022, the Nepalese market for plastic or non-precious metal watches decreased by -8.5% to $X for the first time since 2011, thus ending a ten-year rising trend. Over the period under review, consumption, however, showed a significant expansion. Over the period under review, the market hit record highs at $X in 2021, and then reduced in the following year.

Exports of Plastic or Non-Precious Metal Watches

Exports from Nepal

After seven years of growth, shipments abroad of plastic or non-precious metal watches decreased by -10% to X units in 2022. Over the period under review, exports, however, posted significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 129% against the previous year. Over the period under review, the exports attained the maximum at X units in 2021, and then dropped in the following year.

In value terms, plastic or non-precious metal watch exports shrank notably to $X in 2022. Overall, exports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 3,096% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

France (X units) was the main destination for plastic or non-precious metal watch exports from Nepal, accounting for a 41% share of total exports. Moreover, plastic or non-precious metal watch exports to France exceeded the volume sent to the second major destination, Germany (X units), threefold. The third position in this ranking was held by China (X units), with a 2.5% share.

From 2012 to 2022, the average annual growth rate of volume to France totaled +41.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+16.7% per year) and China (0.0% per year).

In value terms, France ($X) emerged as the key foreign market for plastic or non-precious metal watches exports from Nepal, comprising 28% of total exports. The second position in the ranking was taken by Germany ($X), with a 3.4% share of total exports. It was followed by Canada, with a 1.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to France stood at +55.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-43.9% per year) and Canada (+30.6% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, declining by -70.6% against the previous year. Over the period under review, the export price, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by 1,592%. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to Cyprus ($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 (+419.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Nepal

In 2022, after ten years of growth, there was significant decline in purchases abroad of plastic or non-precious metal watches, when their volume decreased by -8.4% to X units. In general, imports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2016 with an increase of 55% against the previous year. Over the period under review, imports hit record highs at X units in 2021, and then dropped in the following year.

In value terms, plastic or non-precious metal watch imports reduced dramatically to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 209% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) was the main supplier of plastic or non-precious metal watch to Nepal, accounting for a 90% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, India (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +31.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+19.6% per year) and Hong Kong SAR (+4.8% per year).

In value terms, China ($X) constituted the largest supplier of plastic or non-precious metal watches to Nepal, comprising 25% of total imports. The second position in the ranking was held by India ($X), with a 7.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +15.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+3.6% per year) and Hong Kong SAR (-26.2% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, reducing by -27.8% against the previous year. Overall, the import price saw a dramatic setback. The pace of growth appeared the most rapid in 2021 an increase of 144% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per unit), while the price for China ($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 (-12.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform