MENA: Watch Market 2024

Watch Market Size in MENA

In 2022, the MENA's watch market increased by X% to $X, rising for the second year in a row after three years of decline. Overall, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Watch Production in MENA

In value terms, watch production rose notably to $X in 2022 estimated in export price. Over the period under review, production saw a pronounced curtailment. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Watch Exports

Exports in MENA

In 2022, overseas shipments of watches increased by X% to X units, rising for the second consecutive year after two years of decline. Overall, exports recorded a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, watch exports surged to $X in 2022. Over the period under review, exports enjoyed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates dominates exports structure, accounting for X units, which was near X% of total exports in 2022. Turkey (X units) took an X% share (based on physical terms) of total exports, which put it in second place, followed by Israel (X%). Oman (X units), Lebanon (X units) and Bahrain (X units) took a minor share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of X% from 2012 to 2022. At the same time, Bahrain (X%), Oman (X%), Lebanon (X%) and Israel (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2022. Turkey experienced a relatively flat trend pattern. The United Arab Emirates (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total exports, while Israel and Turkey saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest watch supplier in MENA, comprising X% of total exports. The second position in the ranking was held by Bahrain ($X), with a X% share of total exports. It was followed by Oman, with a X% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled X%. In the other countries, the average annual rates were as follows: Bahrain (X% per year) and Oman (X% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per unit, reducing by X% against the previous year. Overall, the export price, however, continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2020 an increase of X%. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bahrain ($X per unit), while Turkey ($X per unit) was amongst the lowest.

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

Watch Imports

Imports in MENA

Watch imports contracted to X units in 2022, which is down by X% against 2021 figures. Overall, imports showed a drastic downturn. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, watch imports skyrocketed to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value 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. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by X%. The level of import peaked in 2022 and is likely to continue growth in the near future.

Imports by Country

Saudi Arabia (X units) and the United Arab Emirates (X units) represented roughly X% of total imports in 2022. Turkey (X units) ranks next in terms of the total imports with a X% share, followed by Kuwait (X%), Qatar (X%), Morocco (X%) and Oman (X%).

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported watches in MENA, comprising X% of total imports. The second position in the ranking was held by Kuwait ($X), with a X% share of total imports. It was followed by Saudi Arabia, with a X% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled X%. In the other countries, the average annual rates were as follows: Kuwait (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

The import price in MENA stood at $X per unit in 2022, surging by X% against the previous year. Overall, the import price recorded a strong expansion. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, import prices attained the maximum in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per unit), while Morocco ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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