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

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

The Peruvian market for plastic or non-precious metal watches fell sharply to $X in 2022, reducing by -24.3% 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). Over the period under review, consumption recorded a noticeable decline. Plastic or non-precious metal watch consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Peru

In 2022, shipments abroad of plastic or non-precious metal watches decreased by -13.3% to X units, falling for the third year in a row after two years of growth. In general, exports saw a abrupt contraction. The pace of growth was the most pronounced in 2014 when exports increased by 74% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, plastic or non-precious metal watch exports declined to $X in 2022. Overall, exports, however, continue to indicate a temperate expansion. The pace of growth was the most pronounced in 2018 when exports increased by 222% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Chile (X units) was the main destination for plastic or non-precious metal watch exports from Peru, accounting for a 45% share of total exports. Moreover, plastic or non-precious metal watch exports to Chile exceeded the volume sent to the second major destination, the Philippines (X units), fourfold. Colombia (X units) ranked third in terms of total exports with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Chile totaled -10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+152.7% per year) and Colombia (-4.3% per year).

In value terms, Chile ($X), Switzerland ($X) and the Philippines ($X) appeared to be the largest markets for plastic or non-precious metal watch exported from Peru worldwide, with a combined 40% share of total exports.

In terms of the main countries of destination, the Philippines, with a CAGR of +430.6%, saw the highest rates of growth with regard to 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 average export price for plastic or non-precious metal watches amounted to $X per unit, growing by 8.2% against the previous year. In general, the export price continues to indicate resilient growth. The pace of growth was the most pronounced in 2016 an increase of 196% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to the Dominican Republic ($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 the Philippines (+110.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Peru

In 2022, imports of plastic or non-precious metal watches into Peru declined dramatically to X units, waning by -28.8% compared with 2021 figures. In general, imports showed a pronounced downturn. The pace of growth was the most pronounced in 2015 with an increase of 86% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, plastic or non-precious metal watch imports reduced remarkably to $X in 2022. Overall, imports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2021 with an increase of 71% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Hong Kong SAR (X units) constituted the largest supplier of plastic or non-precious metal watch to Peru, accounting for a 56% share of total imports. Moreover, plastic or non-precious metal watch imports from Hong Kong SAR exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The Philippines (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Hong Kong SAR was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-7.9% per year) and the Philippines (+107.2% per year).

In value terms, China ($X), Switzerland ($X) and Hong Kong SAR ($X) were the largest plastic or non-precious metal watch suppliers to Peru, with a combined 68% share of total imports. The United States and the Philippines lagged somewhat behind, together comprising a further 20%.

The Philippines, with a CAGR of +72.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, picking up by 11% against the previous year. Over the period under review, the import price, however, saw a noticeable slump. The growth pace was the most rapid in 2013 when the average import price increased by 19% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 (+4.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform