Which Country Imports the Most Watches in the World?

Watches And Clocks May 28, 2018
Author: Sergey Avramenko
Head of Global Markets Research Team

Which Country Imports the Most Watches in the World?

IndexBox has just published a new report "World: Watches - Market Report. Analysis and Forecast to 2025". Here is a summary of the report's key findings.

Global watch imports stood at 6.2K tonnes in 2016, jumping by 14% against the previous year figure. In general, watch imports continue to indicate a drastic reduction. The most prominent rate of growth was recorded in 2016, an increase of 14% y-o-y. Global watch import peaked of 9.6K tonnes in 2007- however, from 2008 to 2016, it failed to regain its strength.

In value terms, watch imports amounted to $16B in 2016. Overall, watch imports continue to indicate a prominent expansion. Over the period under review, global watch imports reached its maximum level in 2016, and are likely to continue its growth in the immediate term.

Top Watch Importing Countries in the World

1. United Arab Emirates (455.3 million USD)

2. South Korea (182.2 million USD)

3. Australia (107.4 million USD)

4. Spain (40.7 million USD)

5. Panama (40.7 million USD)

6. Ecuador (5.9 million USD)

7. Venezuela (5.5 million USD)

8. Indonesia (3.9 million USD)

9. Belize (2.3 million USD)

10. Mali (1.6 million USD)

11. Uganda (0.2 million USD)

12. Togo (0.0 million USD)

Watch Imports By Country

In 2016, Venezuela (1.2K tonnes), distantly followed by Indonesia (733 tonnes), Spain (609 tonnes), and Ecuador (371 tonnes) represented the major importers of watch, together comprising 46% of total imports. Mali (253 tonnes), Panama (247 tonnes), Belize (238 tonnes), United Arab Emirates (181 tonnes), Uganda (169 tonnes), South Korea (149 tonnes), Australia (145 tonnes), and Togo (143 tonnes) held the mild share of total imports.

From 2007 to 2016, the most notable growth rate of watch imports, among the main importing countries, was attained by Belize (+84.0% per year), while the other global leaders experienced more modest paces of growth.

In value terms, United Arab Emirates ($455M) constitutes the largest market for imported watch worldwide, making up 3% of global imports. The second position in the ranking was occupied by South Korea ($182M), with the share of 1% of global imports. It was followed by Australia, with the share of 0.7%.

From 2007 to 2016, the average annual growth rate of value of watch imports in United Arab Emirates expanded at +7.9%. In the other countries, the average annual rates were as follows: South Korea (+16.7% per year) and Australia (+3.3% per year).

Watch Import Prices By Country

The average watch import price stood at $2.5K per kg in 2016, going down by -2.1% against the previous year. Overall, watch import price continues to indicate a remarkable increase. The pace of growth appeared the most rapid in 2009, when import increased by 69% y-o-y. Over the period under review, average watch import price reached its maximum level of $2.7K per kg in 2012- however, from 2013 to 2016, it stood at a somewhat lower level.

There were significant differences in the average import prices amongst major importing countries. In 2016, the country with the highest import prices was United Arab Emirates ($2.5K per kg), while Togo ($349 per tonne) was among the lowest.

From 2007 to 2016, the most notable growth rate of watch import prices was attained by Indonesia (+17.6% per year), while the other global leaders experienced more modest paces of growth.

Do you want to know more about global watch market? Get the latest trends and insight from our report. It includes a wide range of statistics on

  • watch market share
  • watch prices
  • watch industry
  • watch sales
  • watch import
  • watch export
  • watch market forecast
  • watch price forecast
  • key watch producers

All data provided in this article covers the following product: HS Code 9101 - Wrist-watches, pocket-watches, stop-watches and other watches- with case of precious metal or of metal clad with precious metal.

Source: World: Watches - Market Report. Analysis and Forecast to 2025