Portugal: Watch Market 2022

Watch Market Size in Portugal

In 2021, the Portuguese watch market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Watch Production in Portugal

In value terms, watch production rose markedly to $X in 2021 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Watch Exports

Exports from Portugal

In 2021, overseas shipments of watches were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Overall, exports saw resilient growth. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, watch exports shrank slightly to $X in 2021. Over the period under review, total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -X% against 2018 indices. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Switzerland (X units), Spain (X units) and Angola (X units) were the main destinations of watch exports from Portugal, together accounting for X% of total exports. Hong Kong SAR, the United States, Japan, China, Italy, France, Poland and Ireland lagged somewhat behind, together comprising a further X 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for watch exported from Portugal were Hong Kong SAR ($X), the United States ($X) and Switzerland ($X), with a combined X% share of total exports. These countries were followed by Spain, Angola, Japan, France, China, Italy, Poland and Ireland, which together accounted for a further X, with a CAGR of +X%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, declining by -X% against the previous year. Overall, the export price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Ireland ($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 China (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Portugal

In 2021, the amount of watches imported into Portugal skyrocketed to X units, rising by X% on the previous year. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by X%. Over the period under review, imports reached the peak figure at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, watch imports expanded remarkably to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Spain (X units) constituted the largest watch supplier to Portugal, accounting for a X% share of total imports. Moreover, watch imports from Spain exceeded the figures recorded by the second-largest supplier, France (X units), threefold. China (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2021, the average annual growth rate of volume from Spain stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+X% per year) and China (-X% per year).

In value terms, France ($X), Spain ($X) and Switzerland ($X) appeared to be the largest watch suppliers to Portugal, with a combined X% share of total imports. These countries were followed by Germany, China, Poland and the UK, which together accounted for a further X the main suppliers, Poland, with a CAGR of +X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, which is down by -X% against the previous year. Over the last nine-year period, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2017 an increase of X%. The import price peaked at $X per unit in 2020, and then fell 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 France ($X per unit), while the price for the UK ($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 (+X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform