Venezuela: 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 Venezuela

In 2021, the Venezuelan market for wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals increased by 31% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption showed noticeable growth. Consumption of peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

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 Venezuela

In 2021, after two years of growth, there was significant decline in overseas shipments of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals, when their volume decreased by -91.5% to X units. Overall, exports faced a sharp decrease. The pace of growth appeared the most rapid in 2013 with an increase of 337% against the previous year. The exports peaked at X units in 2015; however, from 2016 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 dropped dramatically to $X in 2021. In general, exports showed a precipitous shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of 525%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

The United States (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 Venezuela, accounting for a 35% 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 the United States exceeded the volume sent to the second major destination, the Netherlands (X units), twofold. The third position in this ranking was held by South Korea (X units), with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at -62.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-15.9% per year) and South Korea (-50.3% 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 Venezuela were the United States ($X), Italy ($X) and Spain ($X), with a combined 79% share of total exports.

Italy, with a CAGR of +312.1%, saw 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

In 2021, 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 amounted to $X per unit, declining by -48.6% against the previous year. In general, the export price, however, continues to indicate a remarkable increase. The pace of growth was the most pronounced in 2016 when the average export price increased by 1,422%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Italy ($X per unit), while the average price for exports to Iceland ($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 Italy (+1,169.9%), while the prices for the other major destinations experienced mixed trend patterns.

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 Venezuela

In 2021, supplies from abroad of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metals increased by 35% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, imports saw a perceptible increase. The growth pace was the most rapid in 2015 when imports increased by 108% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports of 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 soared to $X in 2021. In general, total imports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -3.9% against 2018 indices. The growth pace was the most rapid in 2014 when imports increased by 61% against the previous year. Over the period under review, imports of reached the maximum at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Switzerland (X units) was the main wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal supplier to Venezuela, with a 97% share of total imports. It was followed by the United States (X units), with a 1.5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from Switzerland stood at +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-15.8% per year) and Costa Rica (-72.7% per year).

In value terms, Switzerland ($X) constituted the largest supplier of wrist-watches, pocket-watches, stop-watches and other watches; with case of precious metal or of metal clad with precious metal to Venezuela, comprising 97% of total imports. The second position in the ranking was taken by the United States ($X), with a 2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland amounted to +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-21.7% per year) and Costa Rica (-67.0% 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, with a decrease of -8.2% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 66%. The import price peaked at $X per unit in 2020, and then dropped 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 the United States ($X per unit), while the price for Costa Rica (less than $X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Costa Rica (+20.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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