Latvia: Watch Market 2020

Watch Market Size in Latvia

The revenue of the watch market in Latvia amounted to $X in 2018, reducing 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). In general, watch consumption continues to indicate a deep decline. The growth pace was the most rapid in 2009 with an increase of X% y-o-y. In that year, the watch market attained its peak level of $X. From 2010 to 2018, the growth of the watch market remained at a somewhat lower figure.

Watch Exports

Exports from Latvia

In 2018, approx. X units of watches were exported from Latvia; growing by X% against the previous year. Overall, watch exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2010 with an increase of X% against the previous year. Over the period under review, watch exports reached their peak figure in 2018 and are likely to continue its growth in the immediate term.

In value terms, watch exports totaled $X in 2018. Overall, watch exports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, watch exports reached their peak figure at $X in 2017, and then declined slightly in the following year.

Exports by Country

China, Hong Kong SAR dominates watch exports structure, amounting to X units, which was near 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) held a little share of total exports.

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. From 2007 to 2018, the share of China, Hong Kong SAR and Germany increased by +X% and +X% percentage points, while Thailand (-X p.p.) and China (-X p.p.) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Switzerland ($X) remains the largest watch supplier from Latvia, comprising X% of global exports. The second position in the ranking was occupied by China, Hong Kong SAR ($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. The remaining exporting countries recorded the following average annual rates of exports growth: China, Hong Kong SAR (+X% per year) and China (+X% per year).

Export Prices by Country

In 2018, the watch export price in Latvia amounted to $X per unit, falling by -X% against the previous year. Over the period under review, the watch export price continues to indicate a deep decrease. The most prominent rate of growth was recorded in 2013 when the export price increased by X% against the previous year. In that year, the export prices for watches attained their peak level of $X per unit. From 2014 to 2018, the growth in terms of the export prices for watches failed to regain its momentum.

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 Latvia

In 2018, the watch imports into Latvia amounted to X units, growing by X% against the previous year. Overall, watch imports continue to indicate a mild expansion. The most prominent rate of growth was recorded in 2009 when imports increased by X% against the previous year. In that year, watch imports reached their peak of X units. From 2010 to 2018, the growth of watch imports remained at a lower figure.

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

Imports by Country

In 2018, China, Hong Kong SAR (X units) was the main importer of watches, committing X% of total imports. The U.S. (X units) ranks second in terms of the total imports with a X% share, followed by India (X%), Germany (X%) and Japan (X%). The UK (X units), Colombia (X units), the Netherlands (X units), Mexico (X units), Italy (X units) and France (X units) followed a long way behind the leaders.

From 2007 to 2018, average annual rates of growth with regard to watch imports into China, Hong Kong SAR stood at -X%. 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. India (+X p.p.) and Colombia (+X p.p.) significantly strengthened its position in terms of the global imports, while Mexico, Italy, Germany, the UK, France, China, Hong Kong SAR and the U.S. saw its share reduced by -X%, -X%, -X%, -X%, -X%, -X% and -X% from 2007 to 2018, respectively. 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) appeared to be the countries with the highest levels of imports in 2018, with a combined X% share of total imports. These countries were followed by Japan, Germany, the UK, Italy, the Netherlands, India, Mexico, Colombia and Latvia, which together accounted for a further X experienced the highest growth rate of imports, among the main importing countries over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2018, the watch import price in Latvia amounted to $X per unit, shrinking by -X% against the previous year. Over the period under review, the watch import price, however, continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2010 an increase of X% against the previous year. Latvia import price peaked at $X per unit in 2016; however, from 2017 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