Turkey: Watch Market 2022

Watch Market Size in Turkey

In 2021, the Turkish watch market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption recorded a abrupt setback. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Watch Exports

Exports from Turkey

In 2021, approx. X units of watches were exported from Turkey; jumping by X% on the year before. Overall, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2018 when exports increased by X%. Over the period under review, the exports reached the maximum at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, watch exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X units) was the main destination for watch exports from Turkey, accounting for a X% share of total exports. Moreover, watch exports to Russia exceeded the volume sent to the second major destination, Hong Kong SAR (X units), twofold. Libya (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2021, the average annual growth rate of volume to Russia amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+X% per year) and Libya (+X% per year).

In value terms, the largest markets for watch exported from Turkey were Hong Kong SAR ($X), the United States ($X) and Russia ($X), together accounting for X% of total exports. The UK, Iraq, France, Azerbaijan, Lebanon, Libya, Iran, Serbia, Kazakhstan and Israel lagged somewhat behind, together accounting for a further X, with a CAGR of +X%, recorded the highest rates of growth with regard to 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

The average watch export price stood at $X per unit in 2021, reducing by -X% against the previous year. In general, export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, watch export price increased by +X% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by X%. As a result, the export price attained the peak level of $X per unit. From 2018 to 2021, the the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was the United States ($X per unit), while the average price for exports to Libya ($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 the UK (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Turkey

In 2021, supplies from abroad of watches decreased by -X% to X units, falling for the third consecutive year after two years of growth. Over the period under review, imports saw a abrupt decrease. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, imports attained the peak figure at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, watch imports skyrocketed to $X in 2021. In general, imports saw a relatively flat trend pattern. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of watch to Turkey, with a X% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), more than tenfold. The third position in this ranking was occupied by Thailand (X units), with a X% share.

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

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

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

Import Prices by Country

The average watch import price stood at $X per unit in 2021, rising by X% against the previous year. Overall, the import price showed strong growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by Thailand (+X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform