Price for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in Hong Kong SAR - 2023

Contents:

1. Price for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in Hong Kong SAR (CIF) - 2023
2. Price for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in Hong Kong SAR (FOB) - 2023
3. Imports of Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in Hong Kong SAR
4. Exports of Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in Hong Kong SAR

Price for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in Hong Kong SAR (CIF) - 2023

In November 2023, the average import price for watches; complete movements, unassembled or partly assembled (movement sets) amounted to $1.4 per unit, waning by -11.2% against the previous month. Over the period under review, the import price continues to indicate a slight decrease. The most prominent rate of growth was recorded in March 2023 an increase of 19% against the previous month. The import price peaked at $1.8 per unit in December 2022; however, from January 2023 to November 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In November 2023, the country with the highest price was Malaysia ($15.5 per unit), while the price for Singapore ($428 per thousand units) was amongst the lowest.

From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by Malaysia (+1.4%), while the prices for the other major suppliers experienced a decline.

Price for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in Hong Kong SAR (FOB) - 2023

The average export price for watches; complete movements, unassembled or partly assembled (movement sets) stood at $2.3 per unit in November 2023, increasing by 49% against the previous month. In general, the export price, however, showed a slight decrease. The most prominent rate of growth was recorded in March 2023 when the average export price increased by 72% m-o-m. The export price peaked at $3.9 per unit in April 2023; however, from May 2023 to November 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was China ($4.2 per unit), while the average price for exports to South Korea ($833 per thousand units) was amongst the lowest.

From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+15.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in Hong Kong SAR

In 2022, imports of watches; complete movements, unassembled or partly assembled (movement sets) into Hong Kong SAR fell to 139M units, shrinking by -5.6% against 2021. Over the period under review, imports recorded a deep reduction. The growth pace was the most rapid in 2021 when imports increased by 40% against the previous year. Imports peaked at 199M units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of watches; complete movements, unassembled or partly assembled (movement sets) rose markedly to $179M in 2022. In general, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2021 when imports increased by 26% against the previous year. Over the period under review, imports of attained the maximum at $216M in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Top Suppliers of Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) to Hong Kong SAR in 2022:

1. Japan (99.8M units)
2. Singapore (36.3M units)

Exports of Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in Hong Kong SAR

In 2022, exports of watches; complete movements, unassembled or partly assembled (movement sets) from Hong Kong SAR dropped sharply to 8.1M units, waning by -18% on 2021 figures. Over the period under review, exports saw a abrupt setback. The most prominent rate of growth was recorded in 2021 with an increase of 59% against the previous year. The exports peaked at 14M units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, exports of watches; complete movements, unassembled or partly assembled (movement sets) declined sharply to $19M in 2022. In general, exports continue to indicate a dramatic curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 89%. Over the period under review, the exports of hit record highs at $52M in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Top Export Markets for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) from Hong Kong SAR in 2022:

1. India (4.4M units)
2. China (2.9M units)
3. Brazil (0.4M units)
4. Switzerland (0.2M units)

Source: IndexBox Market Intelligence Platform