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

Market Size for Plastic or Non-Precious Metal Watches in the Philippines

In 2022, the Philippine market for plastic or non-precious metal watches decreased by -13.6% to $X, falling for the second consecutive year after two years of growth. In general, consumption recorded a deep reduction. Plastic or non-precious metal watch consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Production of Plastic or Non-Precious Metal Watches in the Philippines

In value terms, plastic or non-precious metal watch production amounted to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt decline. The growth pace was the most rapid in 2019 when the production volume increased by 275% against the previous year. Plastic or non-precious metal watch production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from the Philippines

In 2022, approx. X units of plastic or non-precious metal watches were exported from the Philippines; growing by 42% against the year before. Overall, exports continue to indicate strong growth. The growth pace was the most rapid in 2015 with an increase of 689% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, plastic or non-precious metal watch exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed noticeable growth. The pace of growth was the most pronounced in 2018 with an increase of 498% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for plastic or non-precious metal watch exports from the Philippines, accounting for a 46% share of total exports. Moreover, plastic or non-precious metal watch exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X units), sevenfold. Poland (X units) ranked third in terms of total exports with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+4.4% per year) and Poland (+271.0% per year).

In value terms, the United States ($X) remains the key foreign market for plastic or non-precious metal watches exports from the Philippines, comprising 34% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 9.9% share of total exports. It was followed by Poland, with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at -4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+8.8% per year) and Poland (+284.5% 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 -14.5% against the previous year. Overall, the export price recorded a perceptible shrinkage. The growth pace was the most rapid in 2021 when the average export price increased by 17% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per unit), while the average price for exports to Peru ($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 Netherlands (+4.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Plastic or Non-Precious Metal Watches

Imports into the Philippines

Plastic or non-precious metal watch imports into the Philippines soared to X units in 2022, with an increase of 63% on 2021. In general, imports recorded a perceptible increase. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports surged to $X in 2022. Overall, imports recorded strong growth. The pace of growth appeared the most rapid in 2015 when imports increased by 48%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

Imports by Country

China (X units), Malaysia (X units) and Hong Kong SAR (X units) were the main suppliers of plastic or non-precious metal watch imports to the Philippines, together comprising 92% of total imports. Switzerland and Vietnam lagged somewhat behind, together comprising a further 4.1%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +348.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to the Philippines, comprising 57% of total imports. The second position in the ranking was held by China ($X), with a 27% share of total imports. It was followed by Hong Kong SAR, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland stood at +26.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.1% per year) and Hong Kong SAR (+3.6% 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 -19% against the previous year. In general, the import price, however, saw a prominent increase. The most prominent rate of growth was recorded in 2020 when the average import price increased by 112% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then dropped notably in the following year.

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 ($X per unit), while the price for Malaysia ($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 (+16.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform