Western Africa: Watch Market 2024

Watch Market Size in Western Africa

In 2021, the West African watch market increased by 0.7% to $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, continues to indicate a abrupt shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Watch Production in Western Africa

In value terms, watch production contracted slightly to $X in 2021 estimated in export price. Overall, production, however, showed a abrupt shrinkage. The growth pace was the most rapid in 2015 when the production volume increased by 38%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Watch Exports

Exports in Western Africa

In 2021, shipments abroad of watches decreased by -27.3% to X units, falling for the second year in a row after two years of growth. In general, exports, however, showed perceptible growth. The pace of growth was the most pronounced in 2019 with an increase of 374% against the previous year. Over the period under review, the exports reached the maximum at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, watch exports declined sharply to $X in 2021. Over the period under review, exports, however, recorded a slight expansion. The pace of growth was the most pronounced in 2013 with an increase of 672% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, Nigeria (X units) represented the main exporter of watches, creating 60% of total exports. Togo (X units) took the second position in the ranking, followed by Senegal (X units). All these countries together held approx. 30% share of total exports. Ghana (X units), Burkina Faso (X units) and Liberia (X units) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the watches exports, with a CAGR of +13.5% from 2012 to 2021. At the same time, Togo (+5.6%) and Ghana (+3.2%) displayed positive paces of growth. By contrast, Senegal (-4.6%), Liberia (-8.5%) and Burkina Faso (-10.3%) illustrated a downward trend over the same period. Nigeria (+36 p.p.) and Togo (+4 p.p.) significantly strengthened its position in terms of the total exports, while Liberia, Burkina Faso and Senegal saw its share reduced by -3.7%, -6.5% and -11.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest watch supplier in Western Africa, comprising 67% of total exports. The second position in the ranking was taken by Liberia ($X), with a 16% share of total exports. It was followed by Senegal, with a 5.2% share.

In Nigeria, watch exports increased at an average annual rate of +8.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Liberia (-1.6% per year) and Senegal (-7.6% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per unit, growing by 13% against the previous year. In general, the export price, however, continues to indicate a mild decrease. The pace of growth was the most pronounced in 2017 an increase of 213%. Over the period under review, the export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Liberia ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+12.7%), while the other leaders experienced more modest paces of growth.

Watch Imports

Imports in Western Africa

In 2021, approx. X units of watches were imported in Western Africa; rising by 63% on the previous year. Total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +118.7% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, watch imports soared to $X in 2021. In general, imports, however, recorded a abrupt downturn. The growth pace was the most rapid in 2013 when imports increased by 45%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Ghana was the key importing country with an import of about X units, which amounted to 55% of total imports. Cote d'Ivoire (X units) ranks second in terms of the total imports with a 12% share, followed by Mauritania (9.9%), Guinea (6.5%) and Togo (5.3%). Sierra Leone (X units) and Mali (X units) held a little share of total imports.

Ghana was also the fastest-growing in terms of the watches imports, with a CAGR of +33.5% from 2012 to 2021. At the same time, Sierra Leone (+23.3%), Mauritania (+20.4%), Cote d'Ivoire (+16.9%) and Guinea (+4.7%) displayed positive paces of growth. By contrast, Mali (-5.2%) and Togo (-6.6%) illustrated a downward trend over the same period. Ghana (+48 p.p.), Mauritania (+6.4 p.p.), Cote d'Ivoire (+6.3 p.p.) and Sierra Leone (+2.8 p.p.) significantly strengthened its position in terms of the total imports, while Guinea, Mali and Togo saw its share reduced by -1.6%, -3.9% and -13.2% from 2012 to 2021, respectively.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported watches in Western Africa, comprising 50% of total imports. The second position in the ranking was taken by Ghana ($X), with a 19% share of total imports. It was followed by Mali, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value in Cote d'Ivoire totaled +22.0%. In the other countries, the average annual rates were as follows: Ghana (+17.5% per year) and Mali (+15.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2021, dropping by -15.5% against the previous year. Overall, the import price continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2016 an increase of 26%. The level of import peaked at $X per unit in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Mauritania ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+22.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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