Philippines - Watches - Market Analysis, Forecast, Size, Trends and Insights
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View PricingWatch Price in the Philippines - 2023
Contents:
- Watch Price in the Philippines (FOB) - 2022
- Watch Price in the Philippines (CIF) - 2022
- Watch Exports in the Philippines
- Watch Imports in the Philippines
Watch Price in the Philippines (FOB) - 2022
In 2022, the average watch export price amounted to $25 per unit, waning by -14.1% against the previous year. Overall, the export price continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2019 when the average export price increased by 15% against the previous year. Over the period under review, the average export prices attained the maximum at $46 per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($48 per unit), while the average price for exports to Peru ($10 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 the Netherlands (+4.4%), while the prices for the other major destinations experienced mixed trend patterns.
Watch Price in the Philippines (CIF) - 2022
The average watch import price stood at $38 per unit in 2022, declining by -28% against the previous year. Over the period under review, the import price, however, continues to indicate resilient growth. The pace of growth appeared the most rapid in 2020 an increase of 96% against the previous year. The import price peaked at $52 per unit in 2021, and then reduced sharply in the following year.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($881 per unit), while the price for Malaysia ($0.6 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+16.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Watch Exports in the Philippines
In 2022, the amount of watches exported from the Philippines soared to 8.6M units, picking up by 42% against 2021. Over the period under review, total exports indicated slight growth from 2019 to 2022: its volume increased at an average annual rate of +1.5% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +49.4% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
In value terms, watch exports surged to $217M in 2022. Overall, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports hit record highs at $223M in 2019; however, from 2020 to 2022, the exports failed to regain momentum.
| Export of Watch in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 76.8 | 59.7 | 67.4 | 73.0 | -1.7% |
| Netherlands | 5.3 | 6.1 | 23.1 | 21.4 | 59.2% |
| Poland | 1.4 | 1.4 | 3.2 | 9.2 | 87.3% |
| Mexico | 7.1 | 2.5 | 5.0 | 7.3 | 0.9% |
| Thailand | 6.2 | 3.7 | 4.5 | 6.1 | -0.5% |
| Turkey | 2.3 | 2.6 | 3.0 | 5.4 | 32.9% |
| Canada | 4.7 | 3.2 | 4.9 | 5.3 | 4.1% |
| United Kingdom | 9.8 | 9.2 | 5.3 | 4.8 | -21.2% |
| Spain | 4.7 | 3.0 | 2.8 | 4.8 | 0.7% |
| Colombia | 2.1 | 1.0 | 1.0 | 3.4 | 17.4% |
| China | 1.9 | 1.5 | 1.8 | 2.8 | 13.8% |
| Peru | 3.0 | 1.2 | 2.0 | 2.5 | -5.9% |
| Malaysia | 1.7 | 0.6 | 0.8 | 2.3 | 10.6% |
| Others | 96.3 | 51.3 | 53.0 | 68.9 | -10.6% |
| Total | 223 | 147 | 178 | 217 | -0.9% |
Top Export Markets for Watch from the Philippines in 2022:
- United States (3964.2K units)
- Netherlands (589.1K units)
- Poland (494.6K units)
- Canada (380.1K units)
- Spain (255.8K units)
- Peru (247.4K units)
- Thailand (185.1K units)
- Turkey (184.9K units)
- Colombia (183.3K units)
- China (174.3K units)
- Malaysia (154.6K units)
- Mexico (153.2K units)
- United Kingdom (152.6K units)
Watch Imports in the Philippines
In 2022, overseas purchases of watches were finally on the rise to reach 3.2M units after two years of decline. Overall, imports, however, recorded a drastic downturn. Over the period under review, imports reached the peak figure at 5.2M units in 2019; however, from 2020 to 2022, imports failed to regain momentum.
In value terms, watch imports surged to $120M in 2022. Over the period under review, imports showed a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Watch in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Switzerland | 63.1 | 61.1 | 68.7 | 68.6 | 2.8% |
| China | 31.3 | 11.6 | 19.2 | 31.4 | 0.1% |
| Hong Kong SAR | 15.7 | 10.4 | 9.6 | 12.4 | -7.6% |
| Malaysia | 0.2 | N/A | N/A | 0.5 | 35.7% |
| United States | 1.7 | 0.2 | 0.6 | 0.2 | -51.0% |
| Vietnam | N/A | N/A | N/A | 0.1 | 0% |
| Others | 6.6 | 7.0 | 4.4 | 7.4 | 3.9% |
| Total | 119 | 90.2 | 103 | 120 | 0.3% |
Top Suppliers of Watch to the Philippines in 2022:
- China (1567.8K units)
- Malaysia (756.7K units)
- Hong Kong SAR (642.0K units)
- Switzerland (77.8K units)
- Vietnam (54.3K units)
- United States (5.7K units)
This report provides an in-depth analysis of the watch market in the Philippines. 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:
- Philippines
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in the Philippines
- 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.
-
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
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
-
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
-
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
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