HS Code:
The category 'Complete watch or clock movements, unassembled or partly assembled (movement sets); incomplete watch or clock movements, assembled; rough watch or clock movements' falls under HS Code 9110. This category includes components and parts used in the assembly of watches and clocks, ranging from fully functional movement sets to rough, unfinished movements. These products are critical in the horology industry, serving as the core mechanisms that drive timekeeping devices. Trade in this category is driven by the demand for precision engineering and craftsmanship, often associated with luxury and high-end watchmaking, as well as mass-produced timepieces.
Total Trade Volume
Approximately $1.2 billion USD
Data from 2022
Source
United Nations Comtrade Database
$650 million USD
54.2% of total trade of total trade
Increasing
$200 million USD
16.7% of total trade of total trade
Increasing
$150 million USD
12.5% of total trade of total trade
Stable
$80 million USD
6.7% of total trade of total trade
Stable
$50 million USD
4.2% of total trade of total trade
Decreasing
Average Rate
5.5% ad valorem
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Switzerland)
Shift towards high-precision movements
Increased demand for Swiss and Japanese movements due to their reputation for quality and reliability in luxury watchmaking.
2021-2022
Growth in smartwatch components integration
Rising incorporation of hybrid movements to support smartwatch functionalities, affecting traditional movement demand.
2020-2022
Sustainability in production
Manufacturers are adopting eco-friendly practices and materials in movement production to meet consumer and regulatory demands.
2022
Switzerland introduced stricter export regulations for watch movements to protect intellectual property and maintain market dominance in high-end horology.
March 2023
May increase costs for importers and shift some trade to alternative suppliers like Japan or China.
China announced a significant investment in domestic watch movement production to reduce reliance on imported components and compete in the mid-range market.
June 2022
Could lead to increased competition and lower prices in the global market for mid-tier watch movements.
An update to the EU-Japan Economic Partnership Agreement reduced tariffs on watch movements, facilitating smoother trade between the regions.
January 2023
Expected to boost Japanese exports to Europe, particularly for mid-to-high-end movements.