Venezuela: Market for Plastic or Non-Precious Metal Watches 2025

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

The Venezuelan market for plastic or non-precious metal watches contracted to $X in 2022, which is down by -8.4% 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). Overall, consumption saw a abrupt descent. 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 Venezuela

In 2022, plastic or non-precious metal watch exports from Venezuela surged to X units, picking up by 125% compared with the year before. Over the period under review, exports, however, faced a abrupt slump. The most prominent rate of growth was recorded in 2020 when exports increased by 380% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, plastic or non-precious metal watch exports soared to $X in 2022. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 306%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X units), Switzerland (X units) and Spain (X units) were the main destinations of plastic or non-precious metal watch exports from Venezuela, with a combined 82% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +24.6%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for plastic or non-precious metal watches exports from Venezuela, comprising 61% of total exports. The second position in the ranking was held by Switzerland ($X), with a 12% share of total exports. It was followed by Spain, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR stood at -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+1.6% per year) and Spain (+19.1% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, which is down by -19.2% against the previous year. Over the period under review, the export price, however, continues to indicate a strong increase. The pace of growth appeared the most rapid in 2014 when the average export price increased by 238%. Over the period under review, the average export prices reached the maximum at $X per unit in 2021, and then dropped rapidly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Switzerland ($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 Hong Kong SAR (+18.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Venezuela

In 2022, approx. X units of plastic or non-precious metal watches were imported into Venezuela; with a decrease of -8.7% on 2021 figures. Overall, imports continue to indicate a precipitous descent. The most prominent rate of growth was recorded in 2019 when imports increased by 157%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports fell to $X in 2022. Over the period under review, imports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 63% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United States (X units), China (X units) and Hong Kong SAR (X units) were the main suppliers of plastic or non-precious metal watch imports to Venezuela, together accounting for 93% of total imports. Switzerland, the Philippines and Panama lagged somewhat behind, together accounting for a further 6%.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +51.5%), while purchases for the other leaders experienced a decline.

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Venezuela, comprising 71% of total imports. The second position in the ranking was taken by the United States ($X), with a 15% share of total imports. It was followed by China, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland amounted to -7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-12.8% per year) and China (-12.3% per year).

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, growing by 3.8% against the previous year. In general, the import price posted a strong increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by 96%. As a result, import price attained the peak level of $X per unit. From 2019 to 2022, the average import prices failed to regain momentum.

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 ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+17.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform