Thailand: Watch Market 2025

Watch Market Size in Thailand

The Thai watch market dropped sharply to $X in 2021, which is down by -61.1% against the previous year. In general, consumption showed a abrupt curtailment. Watch consumption peaked at $X in 2020, and then reduced markedly in the following year.

Watch Production in Thailand

In value terms, watch production amounted to $X in 2021 estimated in export price. Over the period under review, production showed a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 140% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Watch Exports

Exports from Thailand

In 2021, approx. X units of watches were exported from Thailand; increasing by 34% on the previous year's figure. Overall, total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +71.3% against 2019 indices. The pace of growth appeared the most rapid in 2014 when exports increased by 57%. The exports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, watch exports amounted to less than $X in 2021. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 130%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Malawi (X units) was the main destination for watch exports from Thailand, accounting for a 75% share of total exports. Moreover, watch exports to Malawi exceeded the volume sent to the second major destination, Mongolia (X units), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malawi amounted to +405.1%.

From 2012 to 2021, the average annual growth rate of value to No country was relatively modest.

Export Prices by Country

The average watch export price stood at $X per unit in 2019, picking up by 185% against the previous year. Over the period under review, the export price showed significant growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2019, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+11.0%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Thailand

In 2021, the amount of watches imported into Thailand fell dramatically to X units, which is down by -27.1% compared with 2020 figures. Over the period under review, imports saw a abrupt decrease. The pace of growth was the most pronounced in 2020 when imports increased by 83% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, watch imports amounted to less than $X in 2021. Overall, imports, however, posted a slight increase. The most prominent rate of growth was recorded in 2015 when imports increased by 41%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Sudan (X units) constituted the largest supplier of watch to Thailand, with a 56% share of total imports. Moreover, watch imports from Sudan exceeded the figures recorded by the second-largest supplier, Colombia (X units), fivefold. Guatemala (X units) ranked third in terms of total imports with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Sudan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+452.9% per year) and Guatemala (+256.0% per year).

From 2012 to 2021, the average annual rate of growth in terms of value from No country was relatively modest.

Import Prices by Country

The average watch import price stood at $X per unit in 2019, with an increase of 63% against the previous year. Over the period under review, the import price enjoyed significant growth. The pace of growth was the most pronounced in 2013 when the average import price increased by 89%. Over the period under review, average import prices attained the maximum in 2019 and is likely to see steady growth in the immediate term.

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

From 2012 to 2019, the most notable rate of growth in terms of prices was attained by Singapore (+30.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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