Price for Watch Movements; Complete and Assembled, Not Automatic Winding or Electrically Operated in the Philippines - 2023

Contents:

1. Price for Watch Movements; Complete and Assembled, Not Automatic Winding or Electrically Operated in the Philippines (CIF) - 2022
2. Price for Watch Movements; Complete and Assembled, Not Automatic Winding or Electrically Operated in the Philippines (FOB) - 2022
3. Imports of Watch Movements; Complete and Assembled, Not Automatic Winding or Electrically Operated in the Philippines
4. Exports of Watch Movements; Complete and Assembled, Not Automatic Winding or Electrically Operated in the Philippines

Price for Watch Movements; Complete and Assembled, Not Automatic Winding or Electrically Operated in the Philippines (CIF) - 2022

In 2022, the average import price for watch movements; complete and assembled, not automatic winding or electrically operateds amounted to $10 per unit, dropping by -10.5% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 157%. Over the period under review, average import prices attained the maximum at $12 per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($27 per unit), while the price for Hong Kong SAR ($3.3 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.3%), while the prices for the other major suppliers experienced a decline.

Price for Watch Movements; Complete and Assembled, Not Automatic Winding or Electrically Operated in the Philippines (FOB) - 2022

In 2022, the average export price for watch movements; complete and assembled, not automatic winding or electrically operateds amounted to $25 per unit, surging by 3.3% against the previous year. In general, the export price, however, showed a slight decline. The most prominent rate of growth was recorded in 2019 an increase of 1,865%. As a result, the export price attained the peak level of $29 per unit. From 2020 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was India ($348 per unit), while the average price for exports to Brunei Darussalam ($1 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 India (+27.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Watch Movements; Complete and Assembled, Not Automatic Winding or Electrically Operated in the Philippines

For the fourth consecutive year, the Philippines recorded growth in supplies from abroad of watch movements; complete and assembled, not automatic winding or electrically operateds, which increased by 53% to 465K units in 2022. In general, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 4,686%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, imports of watch movements; complete and assembled, not automatic winding or electrically operateds soared to $4.7M in 2022. Overall, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 12,201%. Over the period under review, imports of reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Top Suppliers of Watch Movements; Complete and Assembled, Not Automatic Winding or Electrically Operated to the Philippines in 2022:

1. Hong Kong SAR (236.2K units)
2. Switzerland (113.8K units)
3. Japan (109.1K units)

Exports of Watch Movements; Complete and Assembled, Not Automatic Winding or Electrically Operated in the Philippines

After two years of decline, overseas shipments of watch movements; complete and assembled, not automatic winding or electrically operateds increased by 14% to 107 units in 2022. Over the period under review, exports, however, continue to indicate a significant contraction. Over the period under review, the exports of reached the maximum at 506 units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of watch movements; complete and assembled, not automatic winding or electrically operateds skyrocketed to $2.7K in 2022. Overall, exports, however, faced a dramatic slump. Over the period under review, the exports of hit record highs at $15K in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Top Export Markets for Watch Movements; Complete and Assembled, Not Automatic Winding or Electrically Operated from the Philippines in 2022:

1. Netherlands (59.0 units)
2. China (22.0 units)
3. Brunei Darussalam (8.0 units)
4. Indonesia (6.0 units)
5. India (2.0 units)
6. New Zealand (2.0 units)

Source: IndexBox Market Intelligence Platform