Price for Watch Movements; Complete and Assembled in Turkey - 2023

Price for Watch Movements; Complete and Assembled in Turkey (CIF) - 2023

In July 2023, the average import price for watch movements; complete and assembleds amounted to $318 per thousand units, which is down by -54% against the previous month. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 when the average import price increased by 249% m-o-m. The import price peaked at $873 per thousand units in April 2023; however, from May 2023 to July 2023, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In July 2023, the country with the highest price was Hong Kong SAR ($296 per thousand units), while the price for China totaled $294 per thousand units.

From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by China (-0.3%).

Price for Watch Movements; Complete and Assembled in Turkey (FOB) - 2022

The average export price for watch movements; complete and assembleds stood at $17 per unit in 2022, picking up by 77% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 96%. Over the period under review, the average export prices attained the maximum at $38 per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($52 per unit), while the average price for exports to Germany ($3.3 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 the United Arab Emirates (+7.9%), while the prices for the other major destinations experienced a decline.

Imports of Watch Movements; Complete and Assembled in Turkey

In 2022, supplies from abroad of watch movements; complete and assembleds decreased by -37.4% to 4M units, falling for the second year in a row after two years of growth. Over the period under review, imports faced a abrupt decrease. The growth pace was the most rapid in 2020 with an increase of 57%. As a result, imports reached the peak of 8.8M units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, watch movements; complete and assembled imports declined to $3M in 2022. The total import value increased at an average annual rate of +3.1% from 2019 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 16% against the previous year. Imports peaked at $3.4M in 2021, and then declined in the following year.

Import of Watch Movements; Complete and Assembled in Turkey (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	2.1	2.5	2.7	2.4	4.6%
Switzerland	0.4	0.3	0.4	0.5	7.7%
Japan	0.1	0.3	0.2	N/A	41.4%
Others	N/A	N/A	N/A	N/A	0%
Total	2.7	3.1	3.4	3.0	3.6%

Top Suppliers of Watch Movements; Complete and Assembled to Turkey in 2022:

China (3.3M units)
Japan (0.4M units)
Switzerland (0.3M units)

Exports of Watch Movements; Complete and Assembled in Turkey

In 2022, the amount of watch movements; complete and assembleds exported from Turkey shrank rapidly to 8.5K units, with a decrease of -75.1% on the previous year. Overall, exports saw a pronounced decrease. The growth pace was the most rapid in 2021 when exports increased by 3,817%. As a result, the exports reached the peak of 34K units, and then contracted significantly in the following year.

In value terms, watch movements; complete and assembled exports contracted notably to $141K in 2022. Over the period under review, exports saw a slight reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 7,595% against the previous year. As a result, the exports attained the peak of $320K, and then reduced dramatically in the following year.

Export of Watch Movements; Complete and Assembled in Turkey (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Switzerland	2.2	0.1	105	110	268.4%
United Kingdom	N/A	N/A	1.2	8.2	583.3%
Azerbaijan	N/A	0.1	2.8	7.2	748.5%
United States	N/A	N/A	2.1	3.4	61.9%
Cote d'Ivoire	N/A	N/A	N/A	2.7	0%
Germany	0.3	N/A	4.4	0.9	44.2%
Netherlands	81.9	N/A	90.3	0.7	-79.6%
Iraq	27.5	N/A	24.7	0.7	-70.6%
Bulgaria	N/A	N/A	49.8	N/A	0%
Hong Kong SAR	30.5	N/A	0.3	N/A	-90.1%
Others	6.7	3.9	39.5	7.3	2.9%
Total	149	4.2	320	141	-1.8%