HS Code:
The category 'Having over one jewel but not over 7 jewels in the movement' typically falls under HS Code 9102, which pertains to wristwatches, pocket-watches, and other watches, including stopwatches, with movements containing a specific number of jewels. Jewels in watch movements are used as bearings to reduce friction and wear, and this specific category represents lower to mid-range mechanical watches with a modest number of jewels (2 to 7). These watches are often valued for their balance between affordability and craftsmanship. Global trade in this category reflects demand for accessible luxury or durable timepieces in both developed and emerging markets. The trade is influenced by manufacturing capabilities, brand reputation, and consumer preferences for mechanical over quartz watches.
Total Trade Volume
Approximately $1.2 billion USD
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
$650 million USD
54.2% of total trade of total trade
Stable
$200 million USD
16.7% of total trade of total trade
Increasing
$150 million USD
12.5% of total trade of total trade
Increasing
$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% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements such as EU-Switzerland or USMCA)
Rising demand for affordable mechanical watches
Increased exports from Japan and China targeting mid-range consumers in Asia and North America
2021-2022
Shift towards sustainability and ethical sourcing
Brands emphasizing eco-friendly materials and transparent supply chains gain market share, particularly in Europe
2020-2022
Decline in demand in traditional markets
Reduced trade volume in the US due to preference for smartwatches and digital alternatives
2019-2022
The European Union and Switzerland renewed their bilateral trade agreement, maintaining zero tariffs on watch exports with 2-7 jewels, boosting Swiss market dominance.
March 2023
Expected to solidify Switzerland's position as the leading exporter, potentially increasing trade volume by 5-10% in the EU market.
China introduced tax rebates for watch manufacturers exporting mechanical watches, including those in the 2-7 jewel category, to compete with established players.
January 2023
Likely to increase China's market share in price-sensitive regions like Southeast Asia and Africa.
The United States is reviewing potential increases in tariffs on imported watches as part of broader luxury goods taxation policies.
September 2023
Could reduce import volumes from Switzerland and Japan, affecting overall trade dynamics in North America.