Hong Kong SAR, China - Watches - Market Analysis, Forecast, Size, Trends and Insights
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View PricingImport of Timepieces in Hong Kong Rises by 2% to $612M in November 2023
Hong Kong Watch Imports
In November 2023, purchases abroad of watches was finally on the rise to reach 6.6M units after two months of decline. Overall, total imports indicated slight growth from November 2022 to November 2023: its volume increased at an average monthly rate of +1.9% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on November 2023 figures, imports decreased by -12.9% against August 2023 indices. The growth pace was the most rapid in March 2023 with an increase of 60% month-to-month. Over the period under review, imports attained the maximum at 7.6M units in August 2023; however, from September 2023 to November 2023, imports stood at a somewhat lower figure.
In value terms, watch imports rose modestly to $612M (IndexBox estimates) in November 2023. The total import value increased at an average monthly rate of +2.2% over the period from November 2022 to November 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain months. The growth pace was the most rapid in February 2023 with an increase of 39% m-o-m. Imports peaked at 640M units in July 2023; however, from August 2023 to November 2023, imports failed to regain momentum.
| COUNTRY | Import Value of Watch in Hong Kong (million USD) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 2022 | Dec 2022 | Jan 2023 | Feb 2023 | Mar 2023 | Apr 2023 | May 2023 | Jun 2023 | Jul 2023 | Aug 2023 | Sep 2023 | Oct 2023 | Nov 2023 | |
| Switzerland | 173 | 184 | 189 | 226 | 270 | 220 | 263 | 246 | 252 | 162 | 213 | 224 | 250 |
| Japan | 51.7 | 43.0 | 64.2 | 124 | 86.8 | 72.0 | 82.9 | 115 | 100 | 102 | 92.0 | 93.7 | 92.5 |
| China | 70.4 | 75.7 | 54.2 | 54.6 | 64.0 | 62.3 | 85.7 | 81.6 | 70.1 | 87.6 | 79.3 | 70.8 | 91.4 |
| United States | 19.3 | 25.8 | 31.3 | 55.0 | 39.5 | 26.0 | 25.1 | 34.2 | 35.9 | 52.4 | 32.8 | 26.9 | 28.4 |
| Singapore | 35.2 | 25.0 | 16.0 | 33.5 | 31.9 | 72.5 | 47.3 | 24.7 | 41.5 | 20.8 | 30.2 | 33.9 | 23.8 |
| United Kingdom | 8.7 | 11.7 | 10.0 | 20.4 | 16.3 | 16.6 | 8.5 | 18.0 | 19.8 | 20.9 | 13.3 | 13.3 | 20.3 |
| Macao | 13.7 | 7.8 | 10.7 | 16.8 | 16.8 | 11.4 | 17.3 | 19.6 | 13.8 | 20.6 | 21.3 | 27.4 | 18.4 |
| Others | 97.7 | 112 | 84.4 | 107 | 103 | 90.6 | 93.8 | 82.4 | 107 | 90.0 | 95.4 | 112 | 86.8 |
| Total | 470 | 485 | 460 | 637 | 628 | 572 | 624 | 621 | 640 | 556 | 578 | 603 | 612 |
Imports by Country
In November 2023, China (6M units) was the main supplier of watch to Hong Kong, accounting for a 91% share of total imports. It was followed by Switzerland (69K units), with a 1% share of total imports. The third position in this ranking was taken by Japan (29K units), with a 0.4% share.
From November 2022 to November 2023, the average monthly rate of growth in terms of volume from China amounted to +2.0%. The remaining supplying countries recorded the following average monthly rates of imports growth: Switzerland (+0.7% per month) and Japan (-10.0% per month).
In value terms, Switzerland ($250M) constituted the largest supplier of watch to Hong Kong, comprising 41% of total imports. The second position in the ranking was held by Japan ($93M), with a 15% share of total imports. It was followed by China, with a 15% share.
From November 2022 to November 2023, the average monthly growth rate of value from Switzerland totaled +3.1%. The remaining supplying countries recorded the following average monthly rates of imports growth: Japan (+5.0% per month) and China (+2.2% per month).
Imports by Type
In November 2023, plastic or non-precious metal watches (6.6M units) was the main type of watch supplied to Hong Kong, accounting for a 100% share of total imports. It was followed by wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal (11K units), with a 0.2% share of total imports.
From November 2022 to November 2023, the average monthly growth rate of the volume of import of plastic or non-precious metal watches amounted to +1.9%.
In value terms, the most traded types of watches in Hong Kong were plastic or non-precious metal watches ($349M) and wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal ($263M).
Import Prices by Country
In November 2023, the watch price amounted to $93.1 per unit (CIF, Hong Kong), waning by -11.5% against the previous month. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in February 2023 an increase of 52% against the previous month. As a result, import price reached the peak level of $172K per thousand units. From March 2023 to November 2023, the average import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Thailand ($64.8 per unit), while the price for China amounted to $15.2 per unit.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by China (+0.2%).
This report provides an in-depth analysis of the watch market in Hong Kong SAR, China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 26521100 - Wrist-watches, pocket-watches, with case of precious metal or of metal clad with precious metal
- Prodcom 26521200 - Other wrist-watches, pocket-watches and other watches, i ncluding stop-watches
Country coverage:
- Hong Kong SAR
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Hong Kong SAR, China
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
