Estonia: Watch Market 2020

Watch Market Size in Estonia

The revenue of the watch market in Estonia amounted to $X in 2018, coming down by -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, watch consumption continues to indicate a mild decrease. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. In that year, the watch market attained its peak level of $X. From 2015 to 2018, the growth of the watch market remained at a lower figure.

Watch Exports

Exports from Estonia

In 2018, the amount of watches exported from Estonia amounted to X units, jumping by X% against the previous year. Over the period under review, watch exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of X% y-o-y. Over the period under review, watch exports reached their maximum in 2018 and are likely to see steady growth in the near future.

In value terms, watch exports stood at $X in 2018. In general, watch exports continue to indicate an extraordinary increase. The most prominent rate of growth was recorded in 2015 when exports increased by X% y-o-y. In that year, watch exports reached their peak of $X. From 2016 to 2018, the growth of watch exports remained at a somewhat lower figure.

Exports by Country

China, Hong Kong SAR prevails in watch exports structure, accounting for X units, which was approx. X% of total exports in 2018. Switzerland (X units) ranks second in terms of the total exports with a X% share, followed by Germany (X%). China (X units), the U.S. (X units), Singapore (X units), Thailand (X units), the UK (X units) and the Netherlands (X units) followed a long way behind the leaders.

From 2007 to 2018, average annual rates of growth with regard to watch exports from China, Hong Kong SAR stood at +X%. At the same time, the UK (+X%), the Netherlands (+X%), Germany (+X%), the U.S. (+X%) and Singapore (+X%) displayed positive paces of growth. Moreover, the UK emerged as the fastest-growing exporter in the world, with a CAGR of +X% from 2007-2018. Switzerland experienced a relatively flat trend pattern. By contrast, Thailand (-X%) and China (-X%) illustrated a downward trend over the same period. While the share of China, Hong Kong SAR (+X p.p.) and Germany (+X p.p.) increased significantly in terms of the global exports from 2007-2018, the share of Thailand (-X p.p.) and China (-X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Switzerland ($X) remains the largest watch supplier from Estonia, comprising X% of global exports. The second position in the ranking was occupied by China, Hong Kong SAR ($X), with a X% share of global exports. It was followed by China, with a X% share.

In Switzerland, watch exports expanded at an average annual rate of +X% over the period from 2007-2018. In the other countries, the average annual rates were as follows: China, Hong Kong SAR (+X% per year) and China (+X% per year).

Export Prices by Country

The watch export price in Estonia stood at $X per unit in 2018, lowering by -X% against the previous year. Over the period under review, the watch export price, however, continues to indicate an extraordinary expansion. The growth pace was the most rapid in 2009 when the export price increased by X% year-to-year. Over the period under review, the export prices for watches reached their maximum at $X per unit in 2015; however, from 2016 to 2018, export prices remained at a lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was Switzerland ($X per unit), while China, Hong Kong SAR ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by China, while the other leaders experienced more modest paces of growth.

Watch Imports

Imports into Estonia

In 2018, approx. X units of watches were imported into Estonia; approximately reflecting the previous year. In general, watch imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2010 with an increase of X% y-o-y. Over the period under review, watch imports reached their peak figure at X units in 2012; however, from 2013 to 2018, imports remained at a lower figure.

In value terms, watch imports totaled $X in 2018. In general, watch imports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2010 when imports increased by X% y-o-y. Over the period under review, watch imports reached their peak figure at $X in 2017, and then declined slightly in the following year.

Imports by Country

China, Hong Kong SAR represented the key importer of watches in the world, with the volume of imports recording X units, which was near X% of total imports in 2018. The U.S. (X units) held the second position in the ranking, followed by India (X units), Germany (X units) and Japan (X units). All these countries together held approx. X% share of total imports. The following importers - the UK (X units), Colombia (X units), the Netherlands (X units), Mexico (X units), Italy (X units) and France (X units) - together made up X% of total imports.

Imports into China, Hong Kong SAR decreased at an average annual rate of -X% from 2007 to 2018. At the same time, India (+X%), Colombia (+X%) and the Netherlands (+X%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. By contrast, Germany (-X%), Japan (-X%), the UK (-X%), Mexico (-X%), Italy (-X%), France (-X%) and the U.S. (-X%) illustrated a downward trend over the same period. While the share of India (+X p.p.) and Colombia (+X p.p.) increased significantly in terms of the global imports from 2007-2018, the share of Mexico (-X p.p.), Italy (-X p.p.), Germany (-X p.p.), the UK (-X p.p.), France (-X p.p.), China, Hong Kong SAR (-X p.p.) and the U.S. (-X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China, Hong Kong SAR ($X), the U.S. ($X) and France ($X) were the countries with the highest levels of imports in 2018, with a combined X% share of total imports. Japan, Germany, the UK, Italy, the Netherlands, India, Mexico, Colombia and Estonia lagged somewhat behind, together comprising a further X recorded the highest growth rate of imports, in terms of the main importing countries over the last eleven years, while the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2018, the watch import price in Estonia amounted to $X per unit, dropping by -X% against the previous year. In general, the watch import price, however, continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2013 when the import price increased by X% y-o-y. Over the period under review, the import prices for watches attained their peak figure at $X per unit in 2014; however, from 2015 to 2018, import prices failed to regain their momentum.

Prices varied noticeably by the country of destination; the country with the highest price was France ($X per unit), while Colombia ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by the U.S., while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform