Canada has a thriving watch market, importing timepieces and watch components worldwide. But which countries play the most significant role in supplying Canada with watches? Using data from Statistics Canada, we examine the top ten countries exporting watches to Canada from 2017 to 2023 and how their contributions have evolved.
A Growing Market
Over the past six years, Canada's total watch imports have surged. In 2017, total imports stood at $612.9 million CAD, growing to $918.4 million CAD in 2023—an impressive 50% increase. While the market experienced fluctuations, particularly during the pandemic in 2020, it has shown strong recovery and growth.
Top 10 Countries Supplying Watches to Canada
1. Switzerland: The Undisputed Leader
Switzerland remains the dominant supplier of watches to Canada, accounting for a staggering 74% increase in imports from 2017 to 2023. In 2017, imports from Switzerland were valued at $327.9 million CAD, growing to $678.7 million CAD in 2023. This growth reflects Canada's appetite for Swiss luxury timepieces, known for their craftsmanship and prestige.
2. China: A Declining Market Share
China, once a significant contributor, has seen its exports to Canada decline by 39% over six years. In 2017, imports from China were valued at $144.9 million CAD, but by 2023, they had dropped to $87.9 million CAD. This decline suggests a shift from lower-cost watches or components traditionally sourced from China.
3. Japan: Holding Steady
Japan has maintained a relatively stable position in Canada's watch import market, with a 3% increase from CAD 73.2 million in 2017 to $75.3 million CAD in 2023. Japanese watch brands, known for innovation and reliability, continue to find a market in Canada.
4. United States: A Modest Decline
Imports from the United States have slightly decreased, dropping 8% from CAD 26.2 million in 2017 to CAD 24.2 million in 2023. The U.S. remains an important supplier, but its role has diminished slightly over the years.
5. Philippines: A Rising Contender
The Philippines has become a significant player, doubling its watch exports to Canada. In 2017, imports were $5.9 million CAD, growing to $11.8 million CAD in 2023—a 100% increase.
6. Taiwan: Strong Growth
Taiwan has also experienced notable growth, with an 87% increase in watch exports to Canada. Imports rose from $4.1 million CAD in 2017 to $7.6 million CAD in 2023, indicating a growing preference for Taiwanese watch components.
7. Germany: Consistent Performance
Germany has remained a steady supplier, with imports fluctuating slightly but ultimately growing 1% from CAD 5.9 million in 2017 to CAD 6.0 million in 2023. German watch engineering continues to be valued in the Canadian market.
8. Mexico: A Rising Source
Mexico's watch exports to Canada have grown 41%, increasing from CAD 3.8 million in 2017 to $5.4 million CAD in 2023. This growth suggests increasing reliance on North American trade partnerships.
9. Thailand: Facing Challenges
Thailand's watch exports to Canada have decreased by 10%, dropping from CAD 5.1 million in 2017 to $4.6 million CAD in 2023. This decline could indicate shifts in production or trade agreements.
10. France: Strong Comeback
France has seen an impressive 66% increase in watch exports to Canada. Imports grew from $2.3 million CAD in 2017 to $3.9 million CAD in 2023, reflecting renewed interest in French watchmaking.
The Future of Watch Imports in Canada
As Canada's watch market continues to evolve, we see a clear trend toward higher-value luxury imports, particularly from Switzerland. Meanwhile, traditional mass-production hubs like China are seeing their market share decline. With continued shifts in consumer preferences, trade policies, and manufacturing trends, the landscape of watch imports into Canada will remain dynamic in the coming years.
Stay tuned for more insights into the ever-changing world of watches!
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