Thailand: Watch Market 2024

Watch Market Size in Thailand

In 2022, the Thai watch market increased by X% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated a mild 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, consumption increased by X% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Watch Production in Thailand

In value terms, watch production contracted markedly to $X in 2022 estimated in export price. Overall, production, however, saw buoyant growth. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. Watch production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Watch Exports

Exports from Thailand

Watch exports from Thailand shrank sharply to X units in 2022, with a decrease of X% against the year before. Overall, exports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, watch exports fell to $X in 2022. Over the period under review, exports, however, recorded a strong expansion. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X units), the United States (X units) and China (X units) were the main destinations of watch exports from Thailand, with a combined X% share of total exports.

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

In value terms, Hong Kong SAR ($X) remains the key foreign market for watches exports from Thailand, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and China (X% per year).

Export Prices by Country

In 2022, the average watch export price amounted to $X per unit, jumping by X% against the previous year. In general, export price indicated strong growth from 2012 to 2022: its price 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. The most prominent rate of growth was recorded in 2013 when the average export price increased by X%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (X%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Thailand

In 2022, the amount of watches imported into Thailand dropped to X units, falling by X% on the year before. Over the period under review, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, watch imports surged to $X in 2022. In general, total imports indicated a moderate 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 growth pace was the most rapid in 2015 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Switzerland (X units), China (X units) and Japan (X units) were the main suppliers of watch imports to Thailand, together accounting for X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Switzerland (with a CAGR of X%), while imports for the other leaders experienced a decline.

In value terms, Switzerland ($X) constituted the largest supplier of watches to Thailand, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Japan (X% per year).

Import Prices by Country

The average watch import price stood at $X per unit in 2022, picking up by X% against the previous year. Overall, the import price recorded a buoyant increase. The growth pace was the most rapid in 2013 an increase of X%. The import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for China ($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 Philippines (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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