03 February 2013
JEDDAH/DUBAI - The UAE was the largest market in the Gulf for Swiss watch, soaring 23 percent year-on-year to $835.4 million during the first 11 months of 2012, latest data from the Federation of the Swiss Watch Industry (FSWI) showed, Arabian Business reported.
Reflecting the buoyant watch market in the UAE, sales rose 47.3 percent between 2010 and 2012. This is a dramatic turnaround, with FSWI figures reporting a 34.7 percent slump in year-on-year sales during the first nine months of 2009.
According FSWI, total sales of Swiss watches in the UAE hit $835.4 million in the January-November period, making the largest market in the GCC.
Saudi Arabia came second with USD331 million in sales during the same review period, up 17.3 percent from a year ago.
Qatar came third with $127.5 million in sales, up 23.1 percent from a previous year, followed by Kuwait with $87.3 million in sales, up 17.5 percent from the same period a year earlier.
The growth rate in the GCC was well above the top 30 countries, which increased overall by 12.5 percent since 2011.
The next biggest market was Saudi Arabia, which accounted for $331 million of sales during the same review period, up 17.3 percent since 2011 and up 32.1 percent since 2010. Qatar rose 23.1 percent to $127.5 million, while Kuwait saw sales increase 17.5 percent to $87.3 million.
The growth in the Gulf was way ahead of the top 30 countries, which increased overall by 12.5 percent since 2011. The biggest markets were Hong Kong ($4.395 billion), the US ($2.213 billion) and China ($1.681 billion), while the strongest growth was in Austria, where sales rose 73 percent between 2010 and 2012. Of the top 30 nations, the only ones to see a slump in sales were Thailand, Mexico and Turkey.
During the first half of 2012, Saudi Arabia is one among the top 15 markets for Swiss watches as the Swiss watch industry continued to record strong growth.
The total value of exports by Swiss watch manufacturers amounted to 10.1 billion francs in six months. The 10 billion franc mark has been exceeded for the first time before the middle of the year, representing an increase of 16.4 percent compared to 2011.
The first six months all recorded steady growth. Only April (+8.5 percent) failed to show a two-digit rate of variation due to a very unfavorable base effect. June produced the best performance with an upturn of 21.7 percent.
In the first half of 2012, Saudi Arabia landed in the 14th place, with a total value of exports amounting to 160.4 million franc ($188.011) or an increase of 18.1 percent from the same period last year.
Hong Kong topped the list with export value reaching 2.175 billion francs, or a 25.7 percent surge from the same period last year.
United States and China were second and third with a total value of 1.0734 billion francs and 833.8 million francs, respectively.
Wristwatches accounted for the major part of watch and clock exports. Their total value was 9.5 billion francs, 16.9 percent higher than January-June 2011. The number of timepieces remained close to the previous level at 14.1 million units (+1.4 percent).
Timepieces manufactured from precious metals recorded the highest increases. Gold in particular made a strong showing, bringing it on a par with steel in terms of export value even though the number of pieces is not comparable.
While the total increase in volumes was modest, most materials played a contributing role.
Growth was driven by the segment of watches costing more than 3,000 francs (export price). Here, value rose by 25.4 percent compared to 2011. Timepieces costing less than 200 francs recorded a decline in the number of pieces (-1.9 percent), offset by the upturn in the 200-500 franc category (+11.0 percent).
Watches between 500 and 3,000 francs recorded a more modest increase (+3.4 percent by value and +4.7 percent by volume).
JEDDAH/DUBAI - The UAE was the largest market in the Gulf for Swiss watch, soaring 23 percent year-on-year to $835.4 million during the first 11 months of 2012, latest data from the Federation of the Swiss Watch Industry (FSWI) showed, Arabian Business reported.
Reflecting the buoyant watch market in the UAE, sales rose 47.3 percent between 2010 and 2012. This is a dramatic turnaround, with FSWI figures reporting a 34.7 percent slump in year-on-year sales during the first nine months of 2009.
According FSWI, total sales of Swiss watches in the UAE hit $835.4 million in the January-November period, making the largest market in the GCC.
Saudi Arabia came second with USD331 million in sales during the same review period, up 17.3 percent from a year ago.
Qatar came third with $127.5 million in sales, up 23.1 percent from a previous year, followed by Kuwait with $87.3 million in sales, up 17.5 percent from the same period a year earlier.
The growth rate in the GCC was well above the top 30 countries, which increased overall by 12.5 percent since 2011.
The next biggest market was Saudi Arabia, which accounted for $331 million of sales during the same review period, up 17.3 percent since 2011 and up 32.1 percent since 2010. Qatar rose 23.1 percent to $127.5 million, while Kuwait saw sales increase 17.5 percent to $87.3 million.
The growth in the Gulf was way ahead of the top 30 countries, which increased overall by 12.5 percent since 2011. The biggest markets were Hong Kong ($4.395 billion), the US ($2.213 billion) and China ($1.681 billion), while the strongest growth was in Austria, where sales rose 73 percent between 2010 and 2012. Of the top 30 nations, the only ones to see a slump in sales were Thailand, Mexico and Turkey.
During the first half of 2012, Saudi Arabia is one among the top 15 markets for Swiss watches as the Swiss watch industry continued to record strong growth.
The total value of exports by Swiss watch manufacturers amounted to 10.1 billion francs in six months. The 10 billion franc mark has been exceeded for the first time before the middle of the year, representing an increase of 16.4 percent compared to 2011.
The first six months all recorded steady growth. Only April (+8.5 percent) failed to show a two-digit rate of variation due to a very unfavorable base effect. June produced the best performance with an upturn of 21.7 percent.
In the first half of 2012, Saudi Arabia landed in the 14th place, with a total value of exports amounting to 160.4 million franc ($188.011) or an increase of 18.1 percent from the same period last year.
Hong Kong topped the list with export value reaching 2.175 billion francs, or a 25.7 percent surge from the same period last year.
United States and China were second and third with a total value of 1.0734 billion francs and 833.8 million francs, respectively.
Wristwatches accounted for the major part of watch and clock exports. Their total value was 9.5 billion francs, 16.9 percent higher than January-June 2011. The number of timepieces remained close to the previous level at 14.1 million units (+1.4 percent).
Timepieces manufactured from precious metals recorded the highest increases. Gold in particular made a strong showing, bringing it on a par with steel in terms of export value even though the number of pieces is not comparable.
While the total increase in volumes was modest, most materials played a contributing role.
Growth was driven by the segment of watches costing more than 3,000 francs (export price). Here, value rose by 25.4 percent compared to 2011. Timepieces costing less than 200 francs recorded a decline in the number of pieces (-1.9 percent), offset by the upturn in the 200-500 franc category (+11.0 percent).
Watches between 500 and 3,000 francs recorded a more modest increase (+3.4 percent by value and +4.7 percent by volume).
© The Saudi Gazette 2013
