Middle East: Watch Market 2024

Watch Exports

Exports in the Middle East

Watch exports contracted to X units in 2023, waning by X% against the year before. Overall, exports recorded a mild descent. The pace of growth appeared the most rapid in 2021 with an increase of X%. The volume of export peaked at X units in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, watch exports dropped modestly to $X in 2023. Over the period under review, exports, however, enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2022, and then reduced slightly in the following year.

Exports by Country

The United Arab Emirates was the key exporter of watches in the Middle East, with the volume of exports resulting at X units, which was approx. X% of total exports in 2023. Turkey (X units) took the second position in the ranking, distantly followed by Israel (X units) and Jordan (X units). All these countries together held near X% share of total exports. Bahrain (X units) and Saudi Arabia (X units) followed a long way behind the leaders.

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

In value terms, the United Arab Emirates ($X) remains the largest watch supplier in the Middle East, comprising X% of total exports. The second position in the ranking was taken by Bahrain ($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

In 2023, the export price in the Middle East amounted to $X per unit, picking up by X% against the previous year. Overall, the export price enjoyed a resilient increase. The growth pace was the most rapid in 2020 when the export price increased by X%. The level of export peaked in 2023 and is likely to continue growth in the immediate term.

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 the Middle East

In 2023, after two years of growth, there was decline in purchases abroad of watches, when their volume decreased by X% to X units. In general, imports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

In value terms, watch imports totaled $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 only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the largest importing country with an import of about X units, which resulted at X% of total imports. Saudi Arabia (X units) held the second position in the ranking, followed by Turkey (X units), Iran (X units), Iraq (X units) and Jordan (X units). All these countries together took approx. X% share of total imports. Qatar (X units) took 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%), Jordan (X%) and Iraq (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2023. By contrast, Iran (X%), Turkey (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of Qatar (X p.p.), Iraq (X p.p.), Jordan (X p.p.), the United Arab Emirates (X p.p.) and Iran (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of 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 ($X) constitutes the largest market for imported watches in the Middle East, comprising X% of total imports. The second position in the ranking was taken by Turkey ($X), with a X% share of total imports. It was followed by Saudi Arabia, with a X% share.

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

Import Prices by Country

The import price in the Middle East stood at $X per unit in 2023, growing by X% against the previous year. Over the period under review, the import price saw a resilient expansion. The growth pace was the most rapid in 2020 an increase of X% against the previous year. The level of import peaked at $X per unit in 2021; however, from 2022 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Qatar ($X per unit), while Iran ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform