Portugal: Watch Market 2024

Watch Market Size in Portugal

The Portuguese watch market fell to $X in 2021, which is down by -13.4% against the previous year. Overall, consumption recorded a abrupt decrease. Watch consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Watch Production in Portugal

In value terms, watch production fell significantly to $X in 2021 estimated in export price. Over the period under review, production faced a deep reduction. The pace of growth was the most pronounced in 2020 when the production volume increased by 367%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Watch Exports

Exports from Portugal

In 2021, approx. X units of watches were exported from Portugal; with a decrease of -10.4% against the previous year's figure. Over the period under review, exports, however, showed a prominent increase. The growth pace was the most rapid in 2013 when exports increased by 72%. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, watch exports reduced to $X in 2021. In general, total exports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -30.4% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 62% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Spain (X units), Hong Kong SAR (X units) and the United States (X units) were the main destinations of watch exports from Portugal, together accounting for 59% of total exports. Switzerland, France, Italy, Poland, Angola, Tunisia, Japan and Morocco lagged somewhat behind, together comprising a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Tunisia (with a CAGR of +97.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for watch exported from Portugal were Hong Kong SAR ($X), the United States ($X) and Switzerland ($X), with a combined 68% share of total exports. These countries were followed by Spain, Angola, France, Japan, Italy, Poland, Tunisia and Morocco, which together accounted for a further 19%.

Among the main countries of destination, Tunisia, with a CAGR of +112.8%, recorded 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 2021, the average watch export price amounted to $X per unit, surging by 6.1% against the previous year. Overall, the export price, however, continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2018 when the average export price increased by 27%. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, 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 ($X per unit), while the average price for exports to Tunisia ($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 Tunisia (+8.0%), while the prices for the other major destinations experienced mixed trend patterns.

Watch Imports

Imports into Portugal

In 2021, approx. X units of watches were imported into Portugal; rising by 18% against 2020. Over the period under review, imports, however, continue to indicate a noticeable contraction. Over the period under review, imports reached the maximum at X units in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, watch imports rose remarkably to $X in 2021. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 36% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Spain (X units) constituted the largest supplier of watch to Portugal, with a 57% share of total imports. Moreover, watch imports from Spain exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. Germany (X units) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain stood at +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-13.0% per year) and Germany (-8.5% per year).

In value terms, France ($X), Spain ($X) and Switzerland ($X) were the largest watch suppliers to Portugal, with a combined 85% share of total imports. These countries were followed by Germany, China, the Netherlands, Hong Kong SAR, Italy and the UK, which together accounted for a further 13%.

Among the main suppliers, Hong Kong SAR, with a CAGR of +17.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, which is down by -9.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2017 an increase of 33%. The import price peaked at $X per unit in 2020, and then declined in the following year.

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 France ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+25.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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