Colombia: Watch Market 2022

Watch Market Size in Colombia

The Colombian watch market skyrocketed to $X in 2021, with an increase of X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a mild shrinkage. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Watch Exports

Exports from Colombia

In 2021, overseas shipments of watches increased by X% to X units, rising for the second consecutive year after four years of decline. In general, exports showed tangible growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, watch exports skyrocketed to $X in 2021. Over the period under review, exports showed a buoyant expansion. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Peru (X units), Ecuador (X units) and Switzerland (X units) were the main destinations of watch exports from Colombia, together accounting for X% of total exports. These countries were followed by Costa Rica, Panama, Spain and Guatemala, which together accounted for a further X 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guatemala (with a CAGR of +X%), while the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), Peru ($X) and Ecuador ($X) were the largest markets for watch exported from Colombia worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, Switzerland, with a CAGR of +X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, increasing by X% against the previous year. In general, the export price posted a buoyant expansion. The pace of growth was the most pronounced in 2016 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Spain ($X per unit), while the average price for exports to Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Colombia

Watch imports into Colombia surged to X units in 2021, jumping by X% compared with the previous year. In general, total imports indicated a slight expansion from 2012 to 2021: its volume increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -X% against 2019 indices. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of X units. From 2015 to 2021, the growth imports remained at a somewhat lower figure.

In value terms, watch imports skyrocketed to $X in 2021. Overall, imports continue to indicate a pronounced slump. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) was the main watch supplier to Colombia, accounting for a approx. X% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China stood at +X%.

In value terms, China ($X) constituted the largest supplier of watch to Colombia.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -X%.

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, with an increase of X% against the previous year. In general, the import price, however, showed a noticeable slump. The growth pace was the most rapid in 2020 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -X% per year.

Source: IndexBox Platform