Philippines: Watch Market 2024

Watch Market Size in the Philippines

In 2021, after two years of growth, there was significant decline in the Philippine watch market, when its value decreased by -19.9% to $X. Overall, consumption saw a perceptible reduction. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Watch Production in the Philippines

In value terms, watch production dropped to $X in 2021 estimated in export price. Over the period under review, production recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2019 with an increase of 248%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Watch Exports

Exports from the Philippines

In 2021, approx. X units of watches were exported from the Philippines; increasing by 5.2% compared with 2020 figures. In general, exports enjoyed strong growth. The pace of growth was the most pronounced in 2015 when exports increased by 689% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, watch exports soared to $X in 2021. Overall, exports posted a slight expansion. The growth pace was the most rapid in 2018 when exports increased by 494% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for watch exports from the Philippines, accounting for a 55% share of total exports. Moreover, watch exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X units), fivefold. Canada (X units) ranked third in terms of total exports with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+5.8% per year) and Canada (+1.0% per year).

In value terms, the United States ($X) remains the key foreign market for watches exports from the Philippines, comprising 38% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 13% share of total exports. It was followed by Italy, with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled -5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+10.8% per year) and Italy (+120.6% per year).

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, surging by 15% against the previous year. Overall, the export price, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2019 when the average export price increased by 15% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Canada ($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 Nigeria (+103.0%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into the Philippines

In 2021, purchases abroad of watches decreased by -2.9% to X units, falling for the second year in a row after four years of growth. In general, imports saw a perceptible reduction. The growth pace was the most rapid in 2014 with an increase of 37%. Over the period under review, imports reached the maximum at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, watch imports reached $X in 2021. Over the period under review, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +8.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -13.4% against 2019 indices. The pace of growth was the most pronounced in 2015 when imports increased by 35%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of watch to the Philippines, accounting for a 71% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), fourfold. The third position in this ranking was taken by Switzerland (X units), with a 6% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-5.9% per year) and Switzerland (+12.2% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watches to the Philippines, comprising 67% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by Hong Kong SAR, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland amounted to +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.1% per year) and Hong Kong SAR (+1.2% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, surging by 17% against the previous year. Over the period under review, the import price showed strong growth. The most prominent rate of growth was recorded in 2020 when the average import price increased by 96%. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+23.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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