Venezuela: Watch Market 2025

Watch Market Size in Venezuela

The Venezuelan watch market skyrocketed to $X in 2021, growing by 77% 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, however, continues to indicate a abrupt slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Watch Exports

Exports from Venezuela

After two years of growth, shipments abroad of watches decreased by -74.8% to X units in 2021. Overall, exports saw a abrupt downturn. The pace of growth appeared the most rapid in 2020 with an increase of 447% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, watch exports plummeted to $X in 2021. Over the period under review, exports recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 334%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X units) was the main destination for watch exports from Venezuela, with a 38% share of total exports. Moreover, watch exports to Hong Kong SAR exceeded the volume sent to the second major destination, Turkey (X units), fivefold. Peru (X units) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Hong Kong SAR stood at -25.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (0.0% per year) and Peru (0.0% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for watches exports from Venezuela, comprising 17% of total exports. The second position in the ranking was taken by Spain ($X), with a 4.1% share of total exports. It was followed by Thailand, with a 1.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR stood at -13.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+23.7% per year) and Thailand (+35.7% per year).

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, rising by 124% against the previous year. Overall, the export price saw prominent growth. The most prominent rate of growth was recorded in 2016 an increase of 144%. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Peru ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+29.3%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Venezuela

In 2021, the amount of watches imported into Venezuela surged to X units, with an increase of 121% compared with 2020. Overall, imports, however, recorded a sharp curtailment. The pace of growth appeared the most rapid in 2019 when imports increased by 155%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, watch imports soared to $X in 2021. Over the period under review, imports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 32%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The United States (X units), China (X units) and Hong Kong SAR (X units) were the main suppliers of watch imports to Venezuela, with a combined 89% share of total imports. These countries were followed by Colombia, Switzerland and Panama, which together accounted for a further 6.8%.

From 2012 to 2021, the biggest increases were recorded for Colombia (with a CAGR of +14.6%), while purchases for the other leaders experienced a decline.

In value terms, Switzerland ($X) constituted the largest supplier of watches to Venezuela, comprising 82% of total imports. The second position in the ranking was held by the United States ($X), with an 8.5% share of total imports. It was followed by China, with a 4.7% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland totaled -8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-20.3% per year) and China (-10.7% per year).

Import Prices by Country

The average watch import price stood at $X per unit in 2021, with a decrease of -47.1% against the previous year. Overall, the import price, however, recorded resilient growth. The pace of growth appeared the most rapid in 2018 an increase of 167% against the previous year. As a result, import price attained the peak level of $X per unit. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+19.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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