Republic of Korea: Market for Plastic or Non-Precious Metal Watches 2024

Market Size for Plastic or Non-Precious Metal Watches in Republic of Korea

The South Korean market for plastic or non-precious metal watches fell to $X in 2022, shrinking by -8.7% 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). In general, consumption, however, posted a tangible expansion. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Republic of Korea

After two years of growth, shipments abroad of plastic or non-precious metal watches decreased by -18.8% to X units in 2022. Over the period under review, exports recorded a deep contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 64%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, plastic or non-precious metal watch exports declined to $X in 2022. In general, exports showed a perceptible slump. The most prominent rate of growth was recorded in 2017 with an increase of 56% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia (X units) was the main destination for plastic or non-precious metal watch exports from South Korea, with a 27% share of total exports. Moreover, plastic or non-precious metal watch exports to Saudi Arabia exceeded the volume sent to the second major destination, Hong Kong SAR (X units), twofold. Switzerland (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Saudi Arabia stood at +9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-14.6% per year) and Switzerland (+14.0% per year).

In value terms, Hong Kong SAR ($X), Switzerland ($X) and Saudi Arabia ($X) constituted the largest markets for plastic or non-precious metal watch exported from South Korea worldwide, together comprising 69% of total exports. The Czech Republic, Germany, Thailand, Singapore, Russia, the United Arab Emirates, Indonesia, China, Kazakhstan and South Africa lagged somewhat behind, together comprising a further 17%.

The Czech Republic, with a CAGR of +61.1%, recorded the highest growth rate of the value of exports, among the main countries of destination 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, rising by 16% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the average export price increased by 42% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to South Africa ($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 Hong Kong SAR (+16.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Republic of Korea

In 2022, overseas purchases of plastic or non-precious metal watches decreased by -6.1% to X units, falling for the third year in a row after two years of growth. Over the period under review, imports, however, saw mild growth. The growth pace was the most rapid in 2018 when imports increased by 107%. 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 contracted to $X in 2022. In general, imports, however, recorded a temperate increase. The growth pace was the most rapid in 2014 with an increase of 131%. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to South Korea, accounting for a 61% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), threefold. The third position in this ranking was held by Hong Kong SAR (X units), with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-6.4% per year) and Hong Kong SAR (+28.5% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to South Korea, comprising 86% of total imports. The second position in the ranking was held by China ($X), with a 5.4% share of total imports. It was followed by Hong Kong SAR, with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland stood at +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-13.5% per year) and Hong Kong SAR (+25.5% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, falling by -4.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2014 an increase of 39% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+12.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform