United Arab Emirates: Market for Plastic or Non-Precious Metal Watches 2024

Market Size for Plastic or Non-Precious Metal Watches in the United Arab Emirates

The market for plastic or non-precious metal watches in the United Arab Emirates fell to $X in 2022, shrinking by -11.4% 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 showed a noticeable decrease. Plastic or non-precious metal watch consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from the United Arab Emirates

In 2022, exports of plastic or non-precious metal watches from the United Arab Emirates dropped remarkably to X units, reducing by -21.6% against the previous year. In general, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 91% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports shrank dramatically to $X in 2022. Over the period under review, exports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2021 when exports increased by 54% against the previous year. As a result, the exports attained the peak of $X, and then declined sharply in the following year.

Exports by Country

Hong Kong SAR (X units) was the main destination for plastic or non-precious metal watch exports from the United Arab Emirates, accounting for a 62% share of total exports. Moreover, plastic or non-precious metal watch exports to Hong Kong SAR exceeded the volume sent to the second major destination, Georgia (X units), fourfold. The third position in this ranking was taken by Switzerland (X units), with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume to Hong Kong SAR amounted to +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Georgia (+0.6% per year) and Switzerland (+2.7% per year).

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for plastic or non-precious metal watches exports from the United Arab Emirates, comprising 56% of total exports. The second position in the ranking was held by Switzerland ($X), with a 27% share of total exports. It was followed by India, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR stood at +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+16.1% per year) and India (+41.5% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, increasing by 5.1% against the previous year. Over the period under review, the export price continues to indicate prominent growth. The pace of growth was the most pronounced in 2020 when the average export price increased by 72%. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the average 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 Switzerland ($X per unit), while the average price for exports to Georgia ($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 Malaysia (+30.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into the United Arab Emirates

In 2022, plastic or non-precious metal watch imports into the United Arab Emirates shrank to X units, falling by -11.8% against the previous year's figure. Overall, imports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2021 with an increase of 41% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, plastic or non-precious metal watch imports shrank to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 31%. As a result, imports reached the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Hong Kong SAR (X units) constituted the largest supplier of plastic or non-precious metal watch to the United Arab Emirates, with a 57% share of total imports. Moreover, plastic or non-precious metal watch imports from Hong Kong SAR exceeded the figures recorded by the second-largest supplier, China (X units), eightfold. The third position in this ranking was held by Switzerland (X units), with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Hong Kong SAR amounted to -11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-9.6% per year) and Switzerland (-2.0% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to the United Arab Emirates, comprising 64% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 10% share of total imports. It was followed by China, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-5.5% per year) and China (-0.1% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, remaining relatively unchanged against the previous year. In general, the import price, however, saw buoyant growth. The pace of growth appeared the most rapid in 2016 when the average import price increased by 94% against the previous year. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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 ($X per unit), while the price for the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform