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

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

The Pakistani market for plastic or non-precious metal watches rose sharply to $X in 2022, increasing by 15% 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). Overall, consumption recorded a moderate expansion. Plastic or non-precious metal watch consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Pakistan

After two years of growth, overseas shipments of plastic or non-precious metal watches decreased by -9.8% to X units in 2022. Over the period under review, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 157%. Over the period under review, the exports reached the peak figure at X units in 2021, and then declined in the following year.

In value terms, plastic or non-precious metal watch exports plummeted to $X in 2022. In general, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2015 when exports increased by 168% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank notably in the following year.

Exports by Country

The United Arab Emirates (X units), Germany (X units) and Spain (X units) were the main destinations of plastic or non-precious metal watch exports from Pakistan, with a combined 71% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +76.1%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for plastic or non-precious metal watches exports from Pakistan, comprising 65% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 28% share of total exports. It was followed by Germany, with a 2.8% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR totaled +63.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+72.5% per year) and Germany (+36.5% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, with a decrease of -6.3% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced increase. The pace of growth was the most pronounced in 2015 when the average export price increased by 113%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a 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 Hong Kong SAR ($X per unit), while the average price for exports to Mauritius ($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 (+47.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Pakistan

In 2022, approx. X units of plastic or non-precious metal watches were imported into Pakistan; increasing by 27% compared with 2021. Overall, imports showed a modest increase. The growth pace was the most rapid in 2019 when imports increased by 217% against the previous year. Over the period under review, imports reached the peak figure at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, plastic or non-precious metal watch imports declined to $X in 2022. Over the period under review, total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.8% 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 +45.8% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 46% against the previous year. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Switzerland (X units) constituted the largest plastic or non-precious metal watch supplier to Pakistan, with a 43% share of total imports. Moreover, plastic or non-precious metal watch imports from Switzerland exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), twofold. The third position in this ranking was taken by China (X units), with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Switzerland stood at +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+1.3% per year) and China (-7.8% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Pakistan, comprising 78% of total imports. The second position in the ranking was held by China ($X), with an 11% share of total imports. It was followed by the Philippines, with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland totaled +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.3% per year) and the Philippines (+31.3% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, declining by -24.3% against the previous year. Overall, the import price, however, showed a slight increase. The most prominent rate of growth was recorded in 2020 an increase of 296%. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

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 China (+22.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform