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

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

In 2022, the Turkish market for plastic or non-precious metal watches increased by 40% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, recorded a slight descent. Plastic or non-precious metal watch consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Turkey

In 2022, the amount of plastic or non-precious metal watches exported from Turkey plummeted to X units, falling by -30% against the year before. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 58%. Over the period under review, the exports hit record highs 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 dropped dramatically to $X in 2022. Overall, exports, however, showed tangible growth. The growth pace was the most rapid in 2017 with an increase of 49% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Serbia (X units) and the United Arab Emirates (X units) were the main destinations of plastic or non-precious metal watch exports from Turkey, with a combined 33% share of total exports. Hong Kong SAR, Iraq, Libya, Israel, Iran, Cyprus, Russia, Azerbaijan, Germany and Bosnia and Herzegovina lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the biggest increases were recorded for Iran (with a CAGR of +48.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for plastic or non-precious metal watches exports from Turkey, comprising 27% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with an 11% share of total exports. It was followed by the United Arab Emirates, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +24.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+6.2% per year) and the United Arab Emirates (+22.1% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, picking up by 18% against the previous year. In general, export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +4.4% 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 +44.2% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the average export price increased by 43%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Israel ($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 Azerbaijan (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Turkey

In 2022, supplies from abroad of plastic or non-precious metal watches was finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, showed a deep setback. The growth pace was the most rapid in 2015 when imports increased by 31% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports skyrocketed to $X in 2022. In general, total imports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 +77.9% against 2020 indices. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest plastic or non-precious metal watch supplier to Turkey, with a 89% 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. The Philippines (X units) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-1.4% per year) and the Philippines (+115.0% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Turkey, comprising 65% of total imports. The second position in the ranking was held by China ($X), with a 27% share of total imports. It was followed by the Philippines, with a 2.1% share.

From 2012 to 2022, the average annual growth rate of value from Switzerland stood at +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.5% per year) and the Philippines (+134.5% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, rising by 8.2% against the previous year. Over the period under review, the import price recorded prominent growth. The pace of growth appeared the most rapid in 2016 an increase of 57% against the previous year. The import price peaked in 2022 and is expected to retain 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 Thailand (+16.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform