Latvia: Market for Plastic or Non-Precious Metal Watches 2024

Market Size for Plastic or Non-Precious Metal Watches in Latvia

The Latvian market for plastic or non-precious metal watches reduced to $X in 2023, waning by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a notable expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2021 indices. Plastic or non-precious metal watch consumption peaked at $X in 2016; however, from 2017 to 2023, consumption stood at a somewhat lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Latvia

Plastic or non-precious metal watch exports from Latvia declined to X units in 2023, with a decrease of X% compared with the previous year. Over the period under review, exports, however, posted resilient growth. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. The exports peaked at X units in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports rose sharply to $X in 2023. Overall, exports, however, saw a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by X%. The exports peaked in 2023 and are expected to retain growth in the near future.

Exports by Country

Lithuania (X units) was the main destination for plastic or non-precious metal watch exports from Latvia, with a X% share of total exports. Moreover, plastic or non-precious metal watch exports to Lithuania exceeded the volume sent to the second major destination, Estonia (X units), fourfold. Poland (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Lithuania amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (X% per year) and Poland (X% per year).

In value terms, Lithuania ($X) remains the key foreign market for plastic or non-precious metal watches exports from Latvia, comprising X% of total exports. The second position in the ranking was held by Estonia ($X), with a X% share of total exports. It was followed by Hong Kong SAR, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Lithuania amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (X% per year) and Hong Kong SAR (X% per year).

Export Prices by Country

In 2023, the average export price for plastic or non-precious metal watches amounted to $X per unit, rising by X% against the previous year. In general, the export price posted a buoyant expansion. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2016; however, from 2017 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Slovakia ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Latvia

In 2023, the amount of plastic or non-precious metal watches imported into Latvia reduced to X units, with a decrease of X% compared with the previous year. Over the period under review, total imports indicated a perceptible increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Imports peaked at X units in 2018; however, from 2019 to 2023, imports failed to regain momentum.

In value terms, plastic or non-precious metal watch imports fell to $X in 2023. Overall, imports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2022, and then contracted in the following year.

Imports by Country

Germany (X units), Poland (X units) and Lithuania (X units) were the main suppliers of plastic or non-precious metal watch imports to Latvia, with a combined X% share of total imports. The Netherlands, China, Switzerland, Spain, Slovenia, Estonia, Croatia and Hong Kong SAR lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Slovenia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic or non-precious metal watch suppliers to Latvia were Poland ($X), Lithuania ($X) and Switzerland ($X), with a combined X% share of total imports.

In terms of the main suppliers, Poland, with a CAGR of X%, saw the highest growth rate of 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 2023, the average import price for plastic or non-precious metal watches amounted to $X per unit, rising by X% against the previous year. Overall, the import price saw a prominent increase. The pace of growth appeared the most rapid in 2020 an increase of X%. Over the period under review, average import prices hit record highs in 2023 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for Slovenia ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Poland (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform