Myanmar: 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 Myanmar

The Myanmar's market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals fell rapidly to $X in 2021, dropping by -18.4% against the previous year. Over the period under review, consumption, however, showed perceptible growth. Consumption of peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

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

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 rapidly to $X in 2021 estimated in export price. Overall, production, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2020 when the production volume increased by 68% against the previous year. As a result, production reached the peak level of $X, and then shrank notably 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 from Myanmar

In 2021, the amount of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals exported from Myanmar reduced notably to X units, which is down by -83.6% against 2020. Overall, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 1,420% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

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 contracted remarkably to $X in 2021. Over the period under review, exports faced a sharp downturn. The pace of growth appeared the most rapid in 2017 with an increase of 696% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore (X units) was the main destination for exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals from Myanmar, accounting for a 37% share of total exports. Moreover, exports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals to Singapore exceeded the volume sent to the second major destination, Hong Kong SAR (X units), sixfold.

From 2012 to 2021, the average annual growth rate of volume to Singapore amounted to +45.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-30.5% per year) and Thailand (+16.7% per year).

In value terms, the largest markets for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal exported from Myanmar were Singapore ($X), Thailand ($X) and Hong Kong SAR ($X), with a combined 42% share of total exports.

In terms of the main countries of destination, Singapore, with a CAGR of +57.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals stood at $X per unit in 2021, dropping by -4.2% against the previous year. In general, the export price saw a dramatic slump. The most prominent rate of growth was recorded in 2014 when the average export price increased by 1,663% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Thailand ($X per unit), while the average price for exports to Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+9.0%), while the prices for the other major destinations experienced a decline.

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

Imports into Myanmar

In 2021, the amount of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals imported into Myanmar contracted markedly to X units, dropping by -30.8% compared with the year before. In general, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 2,014%. Imports peaked at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

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 declined markedly to $X in 2021. Overall, imports continue to indicate a slight contraction. The growth pace was the most rapid in 2013 when imports increased by 1,071% against the previous year. Over the period under review, imports of attained the maximum at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The UK (X units), Singapore (X units) and China (X units) were the main suppliers of imports of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals to Myanmar, with a combined 91% share of total imports. India lagged somewhat behind, comprising a further 5.6%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +10.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constituted the largest supplier of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal to Myanmar, comprising 85% of total imports. The second position in the ranking was taken by the UK ($X), with an 11% share of total imports. It was followed by China, with a 1.5% share.

From 2012 to 2021, the average annual growth rate of value from Singapore stood at +18.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-2.8% per year) and China (-19.7% per year).

Import Prices by Country

The average import price for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals stood at $X per unit in 2021, falling by -21.8% against the previous year. In general, the import price, however, posted a resilient expansion. The growth pace was the most rapid in 2014 an increase of 98%. The import price peaked at $X per unit in 2020, and then declined sharply in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Singapore ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+11.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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