GCC: Market for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal 2022

Market Size for Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal in GCC

The GCC market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals contracted to $X in 2021, dropping by -9% against the previous year. Overall, consumption enjoyed a resilient increase. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Production of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal in GCC

In value terms, production of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.5% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when the production volume increased by 28%. As a result, production attained the peak level of $X, and then contracted in the following year.

Exports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Exports in GCC

Exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals was estimated at X units in 2021, surging by 1.6% compared with the year before. Overall, exports, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2018 with an increase of 31%. Over the period under review, the exports of reached the peak figure at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals soared to $X in 2021. Over the period under review, exports saw a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of 75%. The level of export peaked in 2021 and is expected to retain growth in the near future.

Exports by Country

The United Arab Emirates (X units) and Saudi Arabia (X units) represented roughly 99% of total exports in 2021.

From 2012 to 2021, the biggest increases were in Saudi Arabia (with a CAGR of +15.7%).

In value terms, the United Arab Emirates ($X) remains the largest wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal supplier in GCC, comprising 55% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 25% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates totaled +18.2%.

Export Prices by Country

The export price in GCC stood at $X per unit in 2021, jumping by 53% against the previous year. Over the period under review, the export price showed a significant increase. The pace of growth appeared the most rapid in 2016 when the export price increased by 174% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the United Arab Emirates ($X per unit), while Saudi Arabia amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+41.1%).

Imports of Wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal

Imports in GCC

In 2021, supplies from abroad of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals increased by 73% to X units, rising for the third consecutive year after four years of decline. Over the period under review, imports saw resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Saudi Arabia prevails in metals structure, accounting for X units, which was approx. 95% of total imports in 2021. The United Arab Emirates (X units) and Qatar (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal imports into Saudi Arabia stood at +13.1%. At the same time, Qatar (+50.7%) and the United Arab Emirates (+3.6%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +50.7% from 2012-2021. Saudi Arabia (+3.8 p.p.) and Qatar (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -3.5% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X) were the countries with the highest levels of imports in 2021, with a combined 84% share of total imports.

Saudi Arabia, with a CAGR of +5.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per unit in 2021, falling by -23.9% against the previous year. Over the period under review, the import price showed a abrupt decline. The pace of growth appeared the most rapid in 2017 when the import price increased by 83%. As a result, import price reached the peak level of $X per unit. From 2018 to 2021, the import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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