Turkey: Watch Market 2024

Watch Market Size in Turkey

The Turkish watch market declined to $X in 2022, with a decrease of X% against the previous year. Overall, consumption, however, enjoyed a moderate increase. As a result, consumption reached the peak level of $X, and then fell in the following year.

Watch Production in Turkey

In value terms, watch production reduced sharply to $X in 2022 estimated in export price. Overall, production recorded a significant curtailment. Over the period under review, production attained the maximum level at $X in 2021, and then reduced rapidly in the following year.

Watch Exports

Exports from Turkey

In 2022, the amount of watches exported from Turkey declined sharply to X units, reducing by X% on the previous year's figure. Overall, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by X%. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, watch exports declined remarkably to $X in 2022. In general, exports, however, recorded buoyant growth. The growth pace was the most rapid in 2014 with an increase of X%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units), Serbia (X units) and Hong Kong SAR (X units) were the main destinations of watch exports from Turkey, together comprising X% of total exports.

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

In value terms, the largest markets for watch exported from Turkey were the United States ($X), Hong Kong SAR ($X) and the United Arab Emirates ($X), with a combined X% share of total exports. Germany, Cyprus, Russia, Azerbaijan, Serbia, Iraq, Iran, Libya, Bosnia and Herzegovina and Israel lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Serbia, with a CAGR of X%, 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 more modest paces of growth.

Export Prices by Country

The average watch export price stood at $X per unit in 2022, jumping by X% against the previous year. Over the period under review, export price indicated buoyant 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. Based on 2022 figures, watch export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Israel ($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 Bosnia and Herzegovina (X%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Turkey

After three years of decline, overseas purchases of watches increased by X% to X units in 2022. In general, imports, however, continue to indicate a abrupt shrinkage. The growth pace was the most rapid in 2015 with an increase of X%. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, watch imports soared to $X in 2022. Overall, total imports indicated perceptible growth 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 appeared the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, 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), tenfold. The Philippines (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, 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 the Philippines (X% per year).

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

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

Import Prices by Country

In 2022, the average watch import price amounted to $X per unit, growing by X% against the previous year. Over the period under review, the import price posted a resilient increase. The most prominent rate of growth was recorded in 2021 an increase of X%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, 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 Thailand (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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