South Africa: Market for Plastic or Non-Precious Metal Watches 2024

Market Size for Plastic or Non-Precious Metal Watches in South Africa

In 2022, the South African market for plastic or non-precious metal watches increased by 22% to $X, rising for the second consecutive year after five years of decline. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from South Africa

In 2022, the amount of plastic or non-precious metal watches exported from South Africa contracted modestly to X units, waning by -3.9% compared with 2021 figures. In general, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 48% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, plastic or non-precious metal watch exports skyrocketed to $X in 2022. Over the period under review, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 59%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Namibia (X units) was the main destination for plastic or non-precious metal watch exports from South Africa, accounting for a 47% share of total exports. Moreover, plastic or non-precious metal watch exports to Namibia exceeded the volume sent to the second major destination, Botswana (X units), twofold. The third position in this ranking was taken by Swaziland (X units), with an 8% share.

From 2012 to 2022, the average annual growth rate of volume to Namibia stood at +16.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Botswana (+12.9% per year) and Swaziland (+35.2% per year).

In value terms, the largest markets for plastic or non-precious metal watch exported from South Africa were Namibia ($X), the UK ($X) and Botswana ($X), together comprising 15% of total exports. Switzerland, Zambia, Swaziland, Lesotho, Malawi and Nigeria lagged somewhat behind, together accounting for a further 7%.

Malawi, with a CAGR of +13.7%, saw 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

The average export price for plastic or non-precious metal watches stood at $X per unit in 2022, picking up by 46% against the previous year. In general, export price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic or non-precious metal watch export price increased by +89.0% against 2020 indices. 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 the UK ($X per unit), while the average price for exports to Namibia ($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 the UK (+14.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into South Africa

In 2022, supplies from abroad of plastic or non-precious metal watches increased by 5.3% to X units, rising for the second year in a row after three years of decline. The total import volume increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of 18%. Over the period under review, imports attained the maximum at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, plastic or non-precious metal watch imports skyrocketed to $X in 2022. Over the period under review, imports, however, showed a mild curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 36% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 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 Africa, with a 85% 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), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+1.0% per year) and Hong Kong SAR (-11.3% per year).

In value terms, the largest plastic or non-precious metal watch suppliers to South Africa were China ($X), Switzerland ($X) and Hong Kong SAR ($X), with a combined 93% share of total imports.

Among the main suppliers, China, with a CAGR of +1.2%, 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 a decline.

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, picking up by 21% against the previous year. Over the period under review, the import price, however, recorded a pronounced slump. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for China ($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 (-1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform