Price for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in South Korea - 2022

Contents:

1. Price for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in South Korea (CIF) - 2022
2. Price for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in South Korea (FOB) - 2022
3. Imports of Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in South Korea
4. Exports of Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in South Korea

Price for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in South Korea (CIF) - 2022

The average import price for watches; complete movements, unassembled or partly assembled (movement sets) stood at $24 per unit in 2022, increasing by 30% against the previous year. In general, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for watches; complete movements, unassembled or partly assembled (movement sets) increased by +79.8% against 2019 indices. Over the period under review, average import prices reached the maximum at $25 per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 Switzerland ($25 per unit), while the price for Hong Kong SAR ($4.9 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+4.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in South Korea (FOB) - 2022

The average export price for watches; complete movements, unassembled or partly assembled (movement sets) stood at $36 per unit in 2022, reducing by -11.2% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 43%. Over the period under review, the average export prices attained the maximum at $48 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 Hong Kong SAR ($36 per unit), while the average price for exports to the UK ($7.2 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 Switzerland (+0.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in South Korea

In 2022, approx. 141K units of watches; complete movements, unassembled or partly assembled (movement sets) were imported into South Korea; which is down by -29.5% on the previous year's figure. Overall, imports continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2021 with an increase of 10%. Imports peaked at 218K units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, imports of watches; complete movements, unassembled or partly assembled (movement sets) contracted to $3.4M in 2022. The total import value increased at an average annual rate of +5.2% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 36% against the previous year. As a result, imports attained the peak of $3.8M, and then dropped in the following year.

Top Suppliers of Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) to South Korea in 2022:

1. Switzerland (132.1K units)
2. Hong Kong SAR (6.9K units)
3. Japan (1.3K units)

Exports of Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) in South Korea

Exports of watches; complete movements, unassembled or partly assembled (movement sets) from South Korea dropped remarkably to 32K units in 2022, reducing by -32.1% against 2021. Over the period under review, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 45% against the previous year. The exports peaked at 54K units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of watches; complete movements, unassembled or partly assembled (movement sets) contracted notably to $1.1M in 2022. In general, exports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2021 with an increase of 36%. As a result, the exports attained the peak of $1.9M, and then fell rapidly in the following year.

Top Export Markets for Watches; Complete Movements, Unassembled or Partly Assembled (Movement Sets) from South Korea in 2022:

1. Hong Kong SAR (29.9K units)
2. Switzerland (0.9K units)
3. United Kingdom (0.7K units)

Source: IndexBox Market Intelligence Platform