Price for Watch Cases and Parts Thereof in the Philippines - 2023
Contents:
- Price for Watch Cases and Parts Thereof in the Philippines (CIF) - 2022
- Price for Watch Cases and Parts Thereof in the Philippines (FOB) - 2022
- Imports of Watch Cases and Parts Thereof in the Philippines
- Exports of Watch Cases and Parts Thereof in the Philippines
Price for Watch Cases and Parts Thereof in the Philippines (CIF) - 2022
The average import price for watch cases and parts thereoves stood at $32 per unit in 2022, rising by 4.4% against the previous year. Over the period under review, the import price enjoyed a resilient expansion. The pace of growth was the most pronounced in 2019 when the average import price increased by 88% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the near future.
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 India ($38 per unit), while the price for Taiwan (Chinese) ($13 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+21.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Watch Cases and Parts Thereof in the Philippines (FOB) - 2022
In 2022, the average export price for watch cases and parts thereoves amounted to $3.2 per unit, reducing by -87.6% against the previous year. In general, the export price saw a drastic downturn. The growth pace was the most rapid in 2021 when the average export price increased by 113% against the previous year. As a result, the export price reached the peak level of $26 per unit, and then contracted sharply in the following year.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($51 per unit), while the average price for exports to Turkey ($1.2 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 Thailand (+29.8%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Watch Cases and Parts Thereof in the Philippines
In 2022, approx. 1.5M units of watch cases and parts thereoves were imported into the Philippines; growing by 18% compared with 2021. Over the period under review, imports, however, continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2021 when imports increased by 35%. Imports peaked at 1.8M units in 2019; however, from 2020 to 2022, imports failed to regain momentum.
In value terms, watch cases and parts thereof imports skyrocketed to $49M in 2022. In general, total imports indicated strong growth from 2019 to 2022: its value increased at an average annual rate of +16.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +76.7% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 44%. Imports peaked in 2022 and are likely to see gradual growth in the near future.
| Import of Watch Cases and Parts Thereof in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Hong Kong SAR | 18.4 | 12.2 | 19.6 | 28.3 | 15.4% |
| China | 6.9 | 7.0 | 10.9 | 11.8 | 19.6% |
| France | 2.2 | 5.3 | 5.5 | 4.2 | 24.1% |
| India | 0.9 | 0.4 | 1.0 | 3.3 | 54.2% |
| Japan | 1.1 | 1.6 | 1.7 | 0.4 | -28.6% |
| Taiwan (Chinese) | 0.1 | 0.2 | 0.4 | 0.3 | 44.2% |
| Others | 1.6 | 1.1 | 0.8 | 0.8 | -20.6% |
| Total | 31.2 | 27.8 | 39.9 | 49.1 | 16.3% |
Top Suppliers of Watch Cases and Parts Thereof to the Philippines in 2022:
- Hong Kong SAR (883.5K units)
- China (352.8K units)
- France (151.4K units)
- India (85.9K units)
- Taiwan (Chinese) (24.1K units)
- Japan (10.3K units)
Exports of Watch Cases and Parts Thereof in the Philippines
In 2022, overseas shipments of watch cases and parts thereoves were finally on the rise to reach 176K units after two years of decline. Overall, exports showed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
In value terms, watch cases and parts thereof exports surged to $564K in 2022. In general, exports, however, continue to indicate a pronounced reduction. The pace of growth appeared the most rapid in 2021 when exports increased by 66%. The exports peaked at $642K in 2019; however, from 2020 to 2022, the exports remained at a lower figure.
| Export of Watch Cases and Parts Thereof in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Thailand | 473 | 0.4 | 312 | 327 | -11.6% |
| Turkey | N/A | N/A | N/A | 189 | 0% |
| Chile | N/A | N/A | N/A | 21.1 | 0% |
| United States | 90.2 | 11.4 | 8.8 | 6.3 | -58.8% |
| Italy | 22.3 | 8.4 | 3.8 | 1.8 | -56.8% |
| Spain | N/A | 72.7 | N/A | N/A | 0% |
| Morocco | N/A | 99.2 | 60.9 | N/A | -38.6% |
| Others | 55.7 | 86.2 | 77.5 | 18.6 | -30.6% |
| Total | 642 | 278 | 463 | 564 | -4.2% |
Top Export Markets for Watch Cases and Parts Thereof from the Philippines in 2022:
- Turkey (163.6K units)
- Thailand (6.4K units)
- Chile (4.2K units)
- United States (0.3K units)
- Italy (0.1K units)
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