Report Update May 1, 2024

Sri Lanka - Watches - Market Analysis, Forecast, Size, Trends and Insights

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Sri Lanka: Watch Market 2024

Watch Market Size in Sri Lanka

The Sri Lankan watch market declined rapidly to $X in 2022, 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). Overall, consumption continues to indicate a mild curtailment. As a result, consumption attained the peak level of $X, and then declined notably in the following year.

Watch Exports

Exports from Sri Lanka

In 2022, exports of watches from Sri Lanka skyrocketed to X units, jumping by X% on 2021. Over the period under review, exports showed a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by X%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, watch exports surged to $X in 2022. In general, exports posted a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Australia (X units), Hong Kong SAR (X units) and Singapore (X units) were the main destinations of watch exports from Sri Lanka, together comprising X% of total exports.

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

In value terms, Hong Kong SAR ($X) remains the key foreign market for watches exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was taken by Singapore ($X), with a X% share of total exports. It was followed by Australia, with an 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: Singapore (X% per year) and Australia (X% per year).

Export Prices by Country

In 2022, the average watch export price amounted to $X per unit, reducing by X% against the previous year. In general, the export price faced a abrupt downturn. The most prominent rate of growth was recorded in 2018 when the average export price increased by X%. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Australia ($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 South Africa (X%), while the prices for the other major destinations experienced a decline.

Watch Imports

Imports into Sri Lanka

In 2022, watch imports into Sri Lanka contracted rapidly to X units, falling by X% compared with 2021. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by X%. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, watch imports declined notably to $X in 2022. Over the period under review, imports continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports reached the peak of $X, and then reduced sharply in the following year.

Imports by Country

China (X units), India (X units) and Hong Kong SAR (X units) were the main suppliers of watch imports to Sri Lanka, with a combined X% share of total imports. The United Arab Emirates, Thailand and Singapore lagged somewhat behind, together accounting for a further X%.

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

In value terms, Hong Kong SAR ($X), China ($X) and India ($X) constituted the largest watch suppliers to Sri Lanka, with a combined X% share of total imports. Thailand, Singapore and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Thailand, with a CAGR of X%, recorded the highest rates of growth with regard to 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 2022, the average watch import price amounted to $X per unit, reducing by X% against the previous year. Overall, the import price continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2015 an increase of X%. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for watches in the world?

The countries with the highest volumes of consumption in 2023 were Greece, the United States and China, together accounting for 50% of global consumption. Japan, Hong Kong SAR, India, the Philippines, the UK, Indonesia and Spain lagged somewhat behind, together comprising a further 25%.

What are the largest producers of watches in the world?

China remains the largest watch producing country worldwide, accounting for 51% of total volume. Moreover, watch production in China exceeded the figures recorded by the second-largest producer, Greece, threefold. Japan ranked third in terms of total production with an 8.3% share.

What are the leading suppliers of watches to Sri Lanka?

In value terms, Hong Kong SAR, China and India were the largest watch suppliers to Sri Lanka, together accounting for 33% of total imports. Thailand, Singapore and the United Arab Emirates lagged somewhat behind, together comprising a further 5.9%.

What are the leading importers of watches from Sri Lanka?

In value terms, Hong Kong SAR remains the key foreign market for watches exports from Sri Lanka, comprising 62% of total exports. The second position in the ranking was held by Singapore, with a 14% share of total exports. It was followed by Australia, with an 8.7% share.

What is the average export price for watches in Sri Lanka?

The average watch export price stood at $85 per unit in 2022, with a decrease of -42.2% against the previous year.

What is the average import price for watches in Sri Lanka?

The average watch import price stood at $16 per unit in 2022, reducing by -45.3% against the previous year.

This report provides an in-depth analysis of the watch market in Sri Lanka. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 26521100 - Wrist-watches, pocket-watches, with case of precious metal or of metal clad with precious metal
Prodcom 26521200 - Other wrist-watches, pocket-watches and other watches, i ncluding stop-watches

Country coverage:

Sri Lanka

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Sri Lanka
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023