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

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

In 2022, the Slovak market for plastic or non-precious metal watches decreased by -37.3% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, saw a relatively flat trend pattern. Plastic or non-precious metal watch consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Production of Plastic or Non-Precious Metal Watches in Slovakia

In value terms, plastic or non-precious metal watch production expanded to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 80% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Slovakia

In 2022, the amount of plastic or non-precious metal watches exported from Slovakia rose significantly to X units, increasing by 5.9% on 2021. Overall, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 191%. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, plastic or non-precious metal watch exports expanded to $X in 2022. Over the period under review, exports saw a buoyant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 155% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

The Czech Republic (X units) was the main destination for plastic or non-precious metal watch exports from Slovakia, accounting for a 51% share of total exports. Moreover, plastic or non-precious metal watch exports to the Czech Republic exceeded the volume sent to the second major destination, Germany (X units), twofold. The third position in this ranking was taken by Poland (X units), with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Czech Republic amounted to +17.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+52.7% per year) and Poland (+41.3% per year).

In value terms, the largest markets for plastic or non-precious metal watch exported from Slovakia were the Czech Republic ($X), Germany ($X) and the UK ($X), together accounting for 71% of total exports.

Among the main countries of destination, the UK, with a CAGR of +168.1%, 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, declining by -3.8% against the previous year. In general, the export price recorded a pronounced decrease. The most prominent rate of growth was recorded in 2016 an increase of 109%. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Hungary ($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 Poland (+13.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Slovakia

In 2022, after four years of growth, there was significant decline in overseas purchases of plastic or non-precious metal watches, when their volume decreased by -36% to X units. Over the period under review, imports, however, recorded a perceptible increase. The growth pace was the most rapid in 2015 with an increase of 181%. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports fell markedly to $X in 2022. In general, imports, however, posted prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 61%. Imports peaked at $X in 2021, and then fell rapidly in the following year.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Slovakia, with a 43% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), fivefold. Germany (X units) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+255.8% per year) and Germany (+7.3% per year).

In value terms, China ($X), Vietnam ($X) and Switzerland ($X) constituted the largest plastic or non-precious metal watch suppliers to Slovakia, together accounting for 70% of total imports.

Among the main suppliers, Vietnam, with a CAGR of +234.8%, recorded the highest rates of growth with regard to 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 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, increasing by 15% against the previous year. In general, the import price enjoyed a noticeable expansion. The pace of growth appeared the most rapid in 2017 when the average import price increased by 137%. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

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 Germany (+21.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform