Western Africa: Watch Market 2024

Watch Market Size in Western Africa

The West African watch market reduced to $X in 2022, which is down by X% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Watch Production in Western Africa

In value terms, watch production shrank to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Watch Exports

Exports in Western Africa

In 2022, overseas shipments of watches increased by X% to X units for the first time since 2019, thus ending a two-year declining trend. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, watch exports surged to $X in 2022. Over the period under review, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2019 when exports increased by X%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Nigeria (X units), distantly followed by Senegal (X units), Ghana (X units), Burkina Faso (X units) and Togo (X units) represented the main exporters of watches, together achieving X% of total exports. Cote d'Ivoire (X units) and Liberia (X units) followed a long way behind the leaders.

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

In value terms, Nigeria ($X) remains the largest watch supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Senegal ($X), with a X% share of total exports. It was followed by Liberia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Liberia (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, with a decrease of X% against the previous year. Overall, the export price, however, continues to indicate a prominent increase. The pace of growth was the most pronounced in 2020 when the export price increased by X%. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Liberia ($X per unit), while Cote d'Ivoire ($X per unit) was amongst the lowest.

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

Watch Imports

Imports in Western Africa

In 2022, approx. X units of watches were imported in Western Africa; declining by X% compared with the previous year's figure. Overall, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. The volume of import peaked at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, watch imports declined to $X in 2022. Over the period under review, imports showed a abrupt decline. The most prominent rate of growth was recorded in 2013 when imports increased by X%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Ghana (X units) and Senegal (X units) were the major importers of watches in 2022, recording approx. X% and X% of total imports, respectively. Cote d'Ivoire (X units) took the next position in the ranking, followed by Guinea (X units), Sierra Leone (X units) and Nigeria (X units). All these countries together took near X% share of total imports. Liberia (X units) held a relatively small share of total imports.

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

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported watches in Western Africa, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Nigeria, with an X% share.

In Cote d'Ivoire, watch imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Nigeria (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2022, surging by X% against the previous year. In general, the import price posted a notable increase. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Senegal ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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