Oman: Market for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal 2022

Market Size for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal in Oman

The Omani market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals fell dramatically to $X in 2021, waning by -53.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, posted a mild increase. As a result, consumption attained the peak level of $X, and then fell sharply in the following year.

Exports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Exports from Oman

In 2021, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals from Oman reduced to X units, with a decrease of -13.5% against 2020 figures. In general, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 347% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals soared to $X in 2021. Overall, exports, however, saw a resilient increase. The growth pace was the most rapid in 2020 when exports increased by 365%. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

Hong Kong SAR (X units) was the main destination for exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals from Oman, with a 88% share of total exports. Moreover, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals to Hong Kong SAR exceeded the volume sent to the second major destination, China (X units), more than tenfold. Switzerland (X units) ranked third in terms of total exports with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume to Hong Kong SAR amounted to +18.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+1.2% per year) and Switzerland (+14.9% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal exports from Oman, comprising 92% of total exports. The second position in the ranking was held by Switzerland ($X), with a 2.7% share of total exports. It was followed by China, with a 0.6% share.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR stood at +27.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+13.6% per year) and China (+21.7% per year).

Export Prices by Country

The average export price for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals stood at $X per unit in 2021, increasing by 56% against the previous year. Over the period under review, export price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals increased by +154.3% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 57% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Ireland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+15,499.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Imports into Oman

In 2021, the amount of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals imported into Oman fell remarkably to X units, waning by -54.5% against the year before. Over the period under review, imports recorded a slight descent. The most prominent rate of growth was recorded in 2020 when imports increased by 200%. Imports peaked at X units in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals contracted rapidly to $X in 2021. Overall, imports, however, recorded a pronounced increase. The pace of growth was the most pronounced in 2020 with an increase of 278%. As a result, imports attained the peak of $X, and then declined dramatically in the following year.

Imports by Country

In 2021, Switzerland (X units) constituted the largest supplier of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal to Oman, accounting for a 84% share of total imports. Moreover, imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals from Switzerland exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), more than tenfold. The third position in this ranking was taken by the Philippines (X units), with a 2.9% share.

From 2012 to 2021, the average annual growth rate of volume from Switzerland was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-11.1% per year) and the Philippines (0.0% per year).

In value terms, Switzerland ($X) constituted the largest supplier of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal to Oman, comprising 91% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 6.6% share of total imports. It was followed by Hong Kong SAR, with a 0.8% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland amounted to +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-6.2% per year) and Hong Kong SAR (+39.8% per year).

Import Prices by Country

In 2021, the average import price for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals amounted to $X per unit, surging by 5.1% against the previous year. Overall, the import price recorded prominent growth. The pace of growth appeared the most rapid in 2016 an increase of 83%. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+5.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform