Western Africa: Market for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal 2022

Market Size for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal in Western Africa

The West African market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals soared to $X in 2021, surging by 24% against the previous year. Over the period under review, consumption recorded a mild setback. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Production of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal in Western Africa

In value terms, production of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals reduced markedly to $X in 2021 estimated in export price. Overall, production recorded a mild shrinkage. The growth pace was the most rapid in 2014 with an increase of 84,305% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Exports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Exports in Western Africa

In 2021, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals in Western Africa expanded to X units, surging by 2.9% on 2020. In general, exports posted a resilient increase. The pace of growth was the most pronounced in 2018 with an increase of 357% against the previous year. Over the period under review, the exports of attained the peak figure at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals fell rapidly to $X in 2021. Over the period under review, exports, however, showed a abrupt decrease. The pace of growth appeared the most rapid in 2019 with an increase of 273% against the previous year. Over the period under review, the exports of hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria prevails in metals structure, amounting to X units, which was approx. 96% of total exports in 2021. Liberia (X units) held a minor share of total exports.

Nigeria was also the fastest-growing in terms of the wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals exports, with a CAGR of +27.2% from 2012 to 2021. Liberia (-29.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria increased by +75 percentage points.

In value terms, Nigeria ($X) remains the largest wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal supplier in Western Africa, comprising 63% of total exports. The second position in the ranking was held by Liberia ($X), with a 27% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to +11.4%.

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2021, with a decrease of -21.6% against the previous year. In general, the export price saw a abrupt decline. The pace of growth was the most pronounced in 2017 an increase of 353%. Over the period under review, the export prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Liberia ($X per unit), while Nigeria stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Liberia (+8.8%).

Imports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Imports in Western Africa

In 2021, imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals in Western Africa declined notably to X units, reducing by -29.1% against the previous year's figure. Overall, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 2,747%. The volume of import peaked at X units in 2020, and then dropped rapidly in the following year.

In value terms, imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals skyrocketed to $X in 2021. Over the period under review, imports faced a abrupt decline. Over the period under review, imports of hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Nigeria prevails in metals structure, resulting at X units, which was near 98% of total imports in 2021. Cote d'Ivoire (X units) held a minor share of total imports.

Nigeria was also the fastest-growing in terms of the wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals imports, with a CAGR of +120.5% from 2012 to 2021. At the same time, Cote d'Ivoire (+71.7%) displayed positive paces of growth. While the share of Nigeria (+73 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-2.3 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals in Western Africa, comprising 66% of total imports. The second position in the ranking was held by Nigeria ($X), with an 11% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Cote d'Ivoire totaled +41.4%.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per unit, with an increase of 159% against the previous year. In general, the import price, however, faced a dramatic downturn. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per unit), while Nigeria stood at less than $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-17.6%).

Source: IndexBox Platform