Price for Watch Movements; Complete and Assembled in South Korea - 2022
Contents:
- Price for Watch Movements; Complete and Assembled in South Korea (CIF) - 2022
- Price for Watch Movements; Complete and Assembled in South Korea (FOB) - 2022
- Imports of Watch Movements; Complete and Assembled in South Korea
- Exports of Watch Movements; Complete and Assembled in South Korea
Price for Watch Movements; Complete and Assembled in South Korea (CIF) - 2022
In December 2022, the average import price for watch movements; complete and assembleds amounted to $75.2 per unit, with an increase of 6.5% against the previous month. In general, the import price enjoyed resilient growth. The pace of growth appeared the most rapid in August 2022 when the average import price increased by 1,334% month-to-month. As a result, import price reached the peak level of $877 per unit. From September 2022 to December 2022, the average import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was China ($87.4 per unit), while the price for Switzerland totaled $47.1 per unit.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by China (+5.0%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Watch Movements; Complete and Assembled in South Korea (FOB) - 2022
In 2022, the average export price for watch movements; complete and assembleds amounted to $42 per unit, rising by 13% against the previous year. In general, the export price, however, continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2019 when the average export price increased by 73% against the previous year. Over the period under review, the average export prices reached the peak figure at $105 per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.
There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($171 per unit), while the average price for exports to Thailand ($35 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 (-5.2%), while the prices for the other major destinations experienced a decline.
Imports of Watch Movements; Complete and Assembled in South Korea
In 2022, approx. 82K units of watch movements; complete and assembleds were imported into South Korea; dropping by -17.5% on the previous year's figure. In general, imports recorded a drastic downturn. The growth pace was the most rapid in 2021 when imports increased by 38%. Imports peaked at 101K units in 2019; however, from 2020 to 2022, imports remained at a lower figure.
In value terms, watch movements; complete and assembled imports contracted slightly to $3.9M in 2022. Overall, imports showed a deep downturn. The most prominent rate of growth was recorded in 2021 with an increase of 7.1% against the previous year. Over the period under review, imports attained the peak figure at $5.4M in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.
| Import of Watch Movements; Complete and Assembled in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Switzerland | 3,520 | 2,672 | 3,029 | 2,607 | -9.5% |
| Japan | 518 | 337 | 469 | 649 | 7.8% |
| Thailand | 396 | 204 | 195 | 273 | -11.7% |
| China | 716 | 180 | 134 | 158 | -39.6% |
| Hong Kong SAR | 225 | 149 | 70.2 | 88.1 | -26.8% |
| United States | 7.4 | 3.3 | 0.5 | 85.3 | 125.9% |
| Others | 12.5 | 105 | 13.1 | 10.3 | -6.2% |
| Total | 5,396 | 3,651 | 3,911 | 3,870 | -10.5% |
Top Suppliers of Watch Movements; Complete and Assembled to South Korea in 2022:
- Switzerland (46.6K units)
- Japan (16.4K units)
- Thailand (9.1K units)
- China (7.3K units)
- United States (1.4K units)
- Hong Kong SAR (1.0K units)
Exports of Watch Movements; Complete and Assembled in South Korea
For the fourth consecutive year, South Korea recorded growth in shipments abroad of watch movements; complete and assembleds, which increased by 33% to 18K units in 2022. Overall, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 54% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.
In value terms, watch movements; complete and assembled exports skyrocketed to $771K in 2022. In general, total exports indicated prominent growth from 2019 to 2022: its value increased at an average annual rate of +19.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +69.6% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
| Export of Watch Movements; Complete and Assembled in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 74.4 | 181 | 170 | 350 | 67.6% |
| Switzerland | 239 | 317 | 234 | 256 | 2.3% |
| United States | 17.0 | N/A | 10.3 | 105 | 83.5% |
| Hong Kong SAR | 61.2 | 5.8 | 50.1 | 27.9 | -23.0% |
| Thailand | 3.1 | N/A | 5.3 | 16.9 | 76.0% |
| Singapore | 32.2 | 0.5 | 7.5 | N/A | -51.7% |
| Others | 27.8 | 2.3 | 34.5 | 15.3 | -18.1% |
| Total | 455 | 506 | 511 | 771 | 19.2% |
Top Export Markets for Watch Movements; Complete and Assembled from South Korea in 2022:
- China (8.1K units)
- Switzerland (6.4K units)
- United States (2.7K units)
- Thailand (0.5K units)
- Hong Kong SAR (0.2K units)
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