MENA: Watch Market 2024

Watch Exports

Exports in MENA

In 2023, the amount of watches exported in MENA fell to X units, shrinking by X% against 2022. In general, exports showed a mild slump. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The volume of export peaked at X units in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

In value terms, watch exports declined modestly to $X in 2023. Over the period under review, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2022, and then contracted modestly in the following year.

Exports by Country

The United Arab Emirates represented the major exporter of watches in MENA, with the volume of exports amounting to X units, which was approx. X% of total exports in 2023. Turkey (X units) held the second position in the ranking, distantly followed by Israel (X units) and Jordan (X units). All these countries together took approx. X% share of total exports. The following exporters - Bahrain (X units) and Saudi Arabia (X units) - together made up X% of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Bahrain (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the largest watch supplier in MENA, comprising X% of total exports. The second position in the ranking was taken by Bahrain ($X), with an X% share of total exports. It was followed by Saudi Arabia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in the United Arab Emirates totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Bahrain (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

The export price in MENA stood at $X per unit in 2023, with an increase of X% against the previous year. In general, the export price posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the peak figure in 2023 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while Turkey ($X per unit) was amongst the lowest.

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

Watch Imports

Imports in MENA

After two years of growth, purchases abroad of watches decreased by X% to X units in 2023. In general, imports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2023, imports failed to regain momentum.

In value terms, watch imports rose rapidly to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the key importing country with an import of around X units, which recorded X% of total imports. It was distantly followed by Saudi Arabia (X units), Turkey (X units), Morocco (X units) and Iran (X units), together making up a X% share of total imports. Iraq (X units), Jordan (X units), Qatar (X units), Oman (X units), Libya (X units) and Israel (X units) held a little share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of X% from 2012 to 2023. At the same time, Qatar (X%), Morocco (X%), Oman (X%), Jordan (X%), Libya (X%) and Iraq (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2023. By contrast, Iran (X%), Turkey (X%), Israel (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of Morocco (X p.p.), Qatar (X p.p.), Iraq (X p.p.), Jordan (X p.p.), Oman (X p.p.), Iran (X p.p.) and Libya (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Turkey (X p.p.) and Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported watches in MENA, comprising X% of total imports. The second position in the ranking was taken by Turkey ($X), with a X% share of total imports. It was followed by Saudi Arabia, with a X% share.

In the United Arab Emirates, watch imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Turkey (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

The import price in MENA stood at $X per unit in 2023, surging by X% against the previous year. Overall, the import price posted a strong expansion. The pace of growth was the most pronounced in 2020 when the import price increased by X%. Over the period under review, import prices hit record highs at $X per unit in 2021; however, from 2022 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per unit), while Libya ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform