Price for Watch Movements; Complete and Assembled in India - 2023

Price for Watch Movements; Complete and Assembled in India (CIF) - 2022

In 2022, the average import price for watch movements; complete and assembleds amounted to $1.9 per unit, growing by 40% against the previous year. Over the period under review, the import price posted a significant increase. The most prominent rate of growth was recorded in 2020 an increase of 240% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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 China ($5.3 per unit), while the price for Japan ($1.5 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 (+31.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Watch Movements; Complete and Assembled in India (FOB) - 2022

The average export price for watch movements; complete and assembleds stood at $3.8 per unit in 2022, reducing by -7.4% against the previous year. In general, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, watch movements; complete and assembled export price increased by +77.9% against 2017 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 74% against the previous year. As a result, the export price reached the peak level of $4.1 per unit, and then declined in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($11 per unit), while the average price for exports to China ($0.7 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 Taiwan (Chinese) (+3.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Watch Movements; Complete and Assembled in India

In 2022, the amount of watch movements; complete and assembleds imported into India declined remarkably to 9.9M units, falling by -34.9% compared with the previous year. In general, imports faced a significant decrease. The pace of growth appeared the most rapid in 2021 with an increase of 78% against the previous year. Over the period under review, imports attained the peak figure at 68M units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, watch movements; complete and assembled imports dropped to $19M in 2022. Over the period under review, imports, however, showed prominent growth. The growth pace was the most rapid in 2021 with an increase of 197%. As a result, imports reached the peak of $21M, and then shrank in the following year.

Import of Watch Movements; Complete and Assembled in India (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Hong Kong SAR	10.9	5.8	13.7	11.9	3.0%
Japan	4.2	0.9	6.3	5.3	8.1%
China	0.7	0.2	0.6	1.0	12.6%
Others	0.6	0.2	0.3	1.0	18.6%
Total	16.4	7.0	20.9	19.1	5.2%

Top Suppliers of Watch Movements; Complete and Assembled to India in 2022:

Hong Kong SAR (6.2M units)
Japan (3.5M units)
China (0.2M units)

Exports of Watch Movements; Complete and Assembled in India

For the third consecutive year, India recorded decline in overseas shipments of watch movements; complete and assembleds, which decreased by -23.3% to 543K units in 2022. Overall, exports faced a sharp contraction. The smallest decline of -6.5% was in 2021. The exports peaked at 1.2M units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, watch movements; complete and assembled exports fell dramatically to $2.1M in 2022. In general, exports showed a deep downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 63% against the previous year. The exports peaked at $3.5M in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Export of Watch Movements; Complete and Assembled in India (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Taiwan (Chinese)	N/A	3.3	283	1,055	1688.0%
Hong Kong SAR	398	216	550	582	13.5%
Switzerland	3,009	1,492	1,991	259	-55.8%
United States	14.8	21.6	44.7	107	93.4%
China	11.6	N/A	N/A	25.4	29.9%
Germany	22.7	30.9	N/A	1.2	-62.5%
Others	29.2	12.4	24.1	26.1	-3.7%
Total	3,485	1,776	2,893	2,056	-16.1%