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

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

In 2022, the Norwegian market for plastic or non-precious metal watches increased by 5.3% to $X, rising for the second year in a row after three years of decline. Over the period under review, consumption saw a slight shrinkage. Plastic or non-precious metal watch consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Norway

In 2022, plastic or non-precious metal watch exports from Norway fell markedly to X units, which is down by -21.4% on the year before. Over the period under review, total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +35.3% against 2020 indices. The pace of growth was the most pronounced in 2013 when exports increased by 90%. Over the period under review, the exports hit record highs at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports reached $X in 2022. The total export value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when exports increased by 36%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Sweden (X units) was the main destination for plastic or non-precious metal watch exports from Norway, accounting for a 81% share of total exports. Moreover, plastic or non-precious metal watch exports to Sweden exceeded the volume sent to the second major destination, Denmark (X units), eightfold. The third position in this ranking was taken by Finland (X units), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden amounted to +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (-1.5% per year) and Finland (+58.3% per year).

In value terms, Sweden ($X) remains the key foreign market for plastic or non-precious metal watches exports from Norway, comprising 70% of total exports. The second position in the ranking was taken by Finland ($X), with a 6% share of total exports. It was followed by Denmark, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value to Sweden stood at +10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+51.4% per year) and Denmark (+6.0% per year).

Export Prices by Country

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, jumping by 27% against the previous year. Over the period under review, the export price, however, recorded a pronounced descent. The pace of growth was the most pronounced in 2018 when the average export price increased by 58%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per unit), while the average price for exports to Denmark ($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 Denmark (+7.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Plastic or Non-Precious Metal Watches

Imports into Norway

In 2022, the amount of plastic or non-precious metal watches imported into Norway dropped slightly to X units, falling by -4.6% compared with the previous year's figure. Over the period under review, imports recorded a deep slump. The pace of growth was the most pronounced in 2021 when imports increased by 13% against the previous year. Over the period under review, imports attained the peak figure at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, plastic or non-precious metal watch imports rose modestly to $X in 2022. The total import value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 47%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of plastic or non-precious metal watch to Norway, accounting for a 61% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), sixfold. Hong Kong SAR (X units) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-5.3% per year) and Hong Kong SAR (-18.7% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Norway, comprising 56% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by Japan, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value from Switzerland stood at +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.9% per year) and Japan (+25.1% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, surging by 7% against the previous year. Over the period under review, the import price posted buoyant growth. The pace of growth appeared the most rapid in 2021 an increase of 31% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform