Costa Rica: Watch Market 2024

Watch Market Size in Costa Rica

In 2022, the Costa Rican watch market decreased by X% to $X, falling for the second year in a row after two years of growth. In general, consumption, however, saw a relatively flat trend pattern. Watch consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Watch Exports

Exports from Costa Rica

In 2022, the amount of watches exported from Costa Rica shrank modestly to X units, with a decrease of X% against 2021. In general, exports, however, recorded a resilient increase. The growth pace was the most rapid in 2017 when exports increased by X%. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, watch exports surged to $X in 2022. Over the period under review, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in the near future.

Exports by Country

Panama (X units) was the main destination for watch exports from Costa Rica, with a X% share of total exports. Moreover, watch exports to Panama exceeded the volume sent to the second major destination, the United States (X units), twofold. Nicaragua (X units) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual growth rate of volume to Panama stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Nicaragua (X% per year).

In value terms, the United States ($X) remains the key foreign market for watches exports from Costa Rica, comprising X% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a X% share of total exports. It was followed by Panama, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and Panama (X% per year).

Export Prices by Country

In 2022, the average watch export price amounted to $X per unit, rising by X% against the previous year. Over the period under review, the export price enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2020 an increase of X%. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Guatemala ($X 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 United States (X%), while the prices for the other major destinations experienced mixed trend patterns.

Watch Imports

Imports into Costa Rica

Watch imports into Costa Rica stood at X units in 2022, increasing by X% compared with 2021. In general, imports, however, continue to indicate a perceptible decrease. The growth pace was the most rapid in 2020 when imports increased by X%. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, watch imports dropped notably to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of watch to Costa Rica, with a X% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), sevenfold. Panama (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Panama (X% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watches to Costa Rica, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United States (X% per year).

Import Prices by Country

The average watch import price stood at $X per unit in 2022, declining by X% against the previous year. In general, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 an increase of X%. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then fell dramatically in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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