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

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

In 2022, the Portuguese market for plastic or non-precious metal watches increased by 32% to $X for the first time since 2018, thus ending a three-year declining trend. The market value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Plastic or non-precious metal watch consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Plastic or Non-Precious Metal Watches in Portugal

In value terms, plastic or non-precious metal watch production skyrocketed to $X in 2022 estimated in export price. In general, production enjoyed buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 69%. Plastic or non-precious metal watch production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Portugal

In 2022, shipments abroad of plastic or non-precious metal watches was finally on the rise to reach X units after two years of decline. In general, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 73% against the previous year. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports contracted to $X in 2022. Over the period under review, total exports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -41.3% against 2018 indices. The pace of growth was the most pronounced in 2013 when exports increased by 58%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Spain (X units) was the main destination for plastic or non-precious metal watch exports from Portugal, accounting for a 52% share of total exports. Moreover, plastic or non-precious metal watch exports to Spain exceeded the volume sent to the second major destination, the United States (X units), sixfold. The third position in this ranking was held by Hong Kong SAR (X units), with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain totaled +24.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+90.4% per year) and Hong Kong SAR (+13.6% per year).

In value terms, the largest markets for plastic or non-precious metal watch exported from Portugal were Hong Kong SAR ($X), the United States ($X) and Spain ($X), together comprising 60% of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +36.7%, 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, dropping by -34.9% against the previous year. Overall, the export price recorded a abrupt contraction. The growth pace was the most rapid in 2018 when the average export price increased by 34% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 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 Switzerland ($X per unit), while the average price for exports to Poland ($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 Switzerland (-1.3%), while the prices for the other major destinations experienced a decline.

Imports of Plastic or Non-Precious Metal Watches

Imports into Portugal

In 2022, approx. X units of plastic or non-precious metal watches were imported into Portugal; rising by 61% compared with the year before. In general, total imports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +2.2% 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 +90.2% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, plastic or non-precious metal watch imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Spain (X units), China (X units) and Germany (X units) were the main suppliers of plastic or non-precious metal watch imports to Portugal, with a combined 78% share of total imports. The Netherlands, France, Switzerland, Italy and the UK lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +12.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic or non-precious metal watch suppliers to Portugal were France ($X), Spain ($X) and China ($X), together accounting for 74% of total imports.

France, with a CAGR of +15.2%, recorded 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 more modest paces of growth.

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, waning by -24.1% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 26% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+16.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform