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

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

The Singaporean market for plastic or non-precious metal watches skyrocketed to $X in 2022, rising by 217% 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 continues to indicate noticeable growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Plastic or Non-Precious Metal Watches

Exports from Singapore

In 2022, the amount of plastic or non-precious metal watches exported from Singapore fell notably to X units, declining by -35% against the year before. Overall, exports saw a abrupt downturn. The pace of growth was the most pronounced in 2017 with an increase of 58%. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, plastic or non-precious metal watch exports expanded to $X in 2022. Over the period under review, total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +36.6% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 38%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Indonesia (X units), the Philippines (X units) and Hong Kong SAR (X units) were the main destinations of plastic or non-precious metal watch exports from Singapore.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guatemala (with a CAGR of +327.1%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Thailand ($X) and Malaysia ($X) constituted the largest markets for plastic or non-precious metal watch exported from Singapore worldwide, together accounting for 51% of total exports. Switzerland, Hong Kong SAR, the Philippines, Japan, China, Vietnam, the United Arab Emirates and Guatemala lagged somewhat behind, together comprising a further 39%.

In terms of the main countries of destination, Guatemala, with a CAGR of +98.0%, 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

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, surging by 58% against the previous year. In general, the export price recorded resilient growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Guatemala ($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 Thailand (+23.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Singapore

In 2022, overseas purchases of plastic or non-precious metal watches increased by 88% to X units for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, showed a mild contraction. Over the period under review, imports reached the peak figure at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports declined significantly to $X in 2022. In general, total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.4% 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 +17.3% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 76%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Singapore, accounting for a 23% 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. Hong Kong SAR (X units) ranked third in terms of total imports with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+3.0% per year) and Hong Kong SAR (-12.9% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Singapore, comprising 121% of total imports. The second position in the ranking was taken by China ($X), with a 6.8% share of total imports. It was followed by Japan, with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland amounted to +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.3% per year) and Japan (+2.3% per year).

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, shrinking by -56.9% against the previous year. In general, the import price, however, continues to indicate temperate growth. The most prominent rate of growth was recorded in 2021 an increase of 136%. As a result, import price reached the peak level of $X per unit, and then fell sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform