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

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

The Vietnamese market for plastic or non-precious metal watches contracted slightly to $X in 2022, therefore, remained relatively stable 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). Over the period under review, consumption posted a buoyant increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from Vietnam

In 2022, approx. X units of plastic or non-precious metal watches were exported from Vietnam; jumping by 78% compared with 2021. Overall, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 352% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, plastic or non-precious metal watch exports reduced to $X in 2022. In general, exports posted a significant increase. The growth pace was the most rapid in 2013 with an increase of 468%. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped modestly 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 Vietnam, with 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, Denmark (X units), fivefold. The third position in this ranking was taken by Germany (X units), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR totaled +31.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+191.5% per year) and Germany (+20.5% per year).

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for plastic or non-precious metal watches exports from Vietnam, comprising 42% of total exports. The second position in the ranking was held by Germany ($X), with a 15% share of total exports. It was followed by Guatemala, with an 8.9% share.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR totaled +58.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+47.8% per year) and Guatemala (+55.1% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, reducing by -45.6% against the previous year. Over the period under review, the export price, however, showed prominent growth. The pace of growth appeared the most rapid in 2015 when the average export price increased by 183% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

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 Guatemala ($X per unit), while the average price for exports to Denmark ($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 Germany (+22.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Vietnam

In 2022, approx. X units of plastic or non-precious metal watches were imported into Vietnam; rising by 8.8% on the previous year. Overall, imports posted a buoyant increase. The pace of growth appeared the most rapid in 2019 with an increase of 376% against the previous year. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, plastic or non-precious metal watch imports shrank slightly to $X in 2022. In general, imports posted buoyant growth. The pace of growth appeared the most rapid in 2019 with an increase of 91% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

China (X units), Hong Kong SAR (X units) and Singapore (X units) were the main suppliers of plastic or non-precious metal watch imports to Vietnam, with a combined 85% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +45.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to Vietnam, comprising 42% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 16% share of total imports. It was followed by Singapore, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from Switzerland stood at +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+22.2% per year) and Singapore (+25.6% per year).

Import Prices by Country

In 2022, the average import price for plastic or non-precious metal watches amounted to $X per unit, waning by -11.7% against the previous year. Overall, the import price continues to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 an increase of 68%. The import price peaked at $X per unit in 2017; however, from 2018 to 2022, import prices stood at a somewhat 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 ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+9.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform