Market evolution: Clock and watch parts (CN 9114) — 2015–2025

Introduction

This report analyses the evolution of the European Union's trade in "Clock or watch parts, n.e.s." (Customs Code 9114) between 2015 and 2025. The period was marked by significant structural shifts, characterized by a sustained increase in the unit value of traded goods, a reconfiguration of key trade partnerships, and a growing orientation of the EU industry towards exports. These dynamics reflect broader trends of supply chain reorganization and a focus on higher-value segments within the horological component sector. The analysis is based solely on the provided trade data.

1. A Market Defined by Soaring Unit Values and a Resilient Trade Deficit

The most striking feature of the CN 9114 market over the decade is the dramatic increase in the price per tonne for both imports and exports, far outpacing changes in traded volumes or total value. This points to a fundamental shift in the product mix being traded towards higher-value components.

The Price Revolution in Imports and Exports

Between the first and last periods in the dataset, the average price per tonne for EU imports of watch parts increased by 126.0%, rising from €568,474 to €1,284,665 per tonne (General Overview). Similarly, export prices grew by 93.2%, from €334,812 to €646,822 per tonne. This escalation indicates a shift towards importing and exporting more sophisticated, higher-value-added components rather than bulkier, lower-cost parts.

Volume Decline Contrasts with Stable Value

This price surge occurred against a backdrop of falling physical trade volumes. The quantity of imports fell by 49.6% (from 328.5 to 165.5 tonnes), and export volumes fell by 44.2% (from 500.9 to 279.3 tonnes) (General Overview). Consequently, the total trade value showed more modest growth: import value increased by 13.9% (to €213.1 million) and export value by 8.0% (to €181.3 million). The persistent trade deficit, while fluctuating, remained significant, reaching -€31.9 million in the last year.

Sector-Specific Price Dynamics

The price increase was most pronounced for the main sub-category, "Clock or watch parts, n.e.s." (911490). Its import price per tonne rose by 136.0%, and its export price by 54.4% over the period (Product Segment Breakdown). Parts for movements (plates and bridges, 911440) also saw significant import price volatility but with a strong upward trend overall.

2. Geographical Reconfiguration: Switzerland's Dominance and the Erosion of Asian Hubs

The partner landscape for EU trade in watch parts underwent significant concentration, with Switzerland consolidating its position as the overwhelmingly dominant partner for high-value trade, while traditional Asian manufacturing hubs saw their roles diminish.

Switzerland: The Indispensable Partner

Switzerland is the linchpin of the EU's external trade in this sector. In the latest period, it accounted for 78.9% of total import value (€168.2 million) and 81.3% of total export value (€147.4 million) (General Overview). This reflects deep integration, likely involving cross-border supply chains for high-end watch manufacturing. Swiss import value grew by 22.1% over the decade.

Decline of Hong Kong and Other Asian Sources

In contrast, the value of imports from Hong Kong fell by 47.8%, and those from Taiwan fell by 56.6%. Imports from China, while still the second-largest source, decreased by 27.5% (General Overview). This suggests a reorientation of sourcing away from these traditional component hubs towards either Switzerland or possibly other origins not captured in the top seven. The volatility of trade with smaller partners like the United Kingdom (a former EU member) is also notable.

Increased Concentration of Trade

The Herfindahl-Hirschman Index (HHI), which measures market concentration, confirms this focusing trend. For import value, the HHI rose from 5,666 in 2015 to 6,930 in 2025, a 22.3% increase (General Overview). A similar trend is observed for exports. This indicates that a larger share of trade is now conducted with fewer partners, primarily Switzerland.

3. Structural Shifts: EU Industry Becomes More Export-Oriented and Specialised

Beyond trade patterns, the data reveals an evolution in the EU's domestic production and competitive position, characterized by a growing export orientation and clear national specializations.

Rising Export Propensity and Trade Intensity

The EU's export propensity—the ratio of exports to domestic production value—increased dramatically by 30.3%, reaching 122.2% in the latest year. This means the EU was exporting more watch parts than it produced domestically in value terms, implying significant re-export activity or integration into international supply chains (Autonomy & Vulnerability). Trade intensity also increased by 12.6%, underscoring the sector's deep embeddedness in global trade.

France and Germany: Divergent National Paths

Within the EU, production and trade are highly concentrated. France is the undisputed leader, accounting for 52.2% of EU production value in 2025 and showing a high degree of specialisation (RSCA of 0.74) (Market Structure). It is also the top EU exporter (€126.0 million) and importer (€94.4 million). Germany, while a significant importer, saw its export value grow by 33.6%, suggesting a strengthening role. Conversely, Italy and Portugal saw significant declines in their export positions (General Overview).

Volatility Highlights Strategic Dependencies

Analysis of price shocks reveals the EU's vulnerability to disruptions in its primary supply chain. A major price shock for imports from Switzerland was detected in 2022, with a 126.3% price shift and an abnormality score of 114.3, indicating a severe and atypical event (Volatility & Shocks). Given that Swiss imports dominate the sector, such volatility can have outsized effects on the EU's watch industry.

Conclusion

The EU market for clock and watch parts (CN 9114) between 2015 and 2025 was transformed by a powerful trend towards higher-value trade, leading to soaring unit prices despite falling physical volumes. Geographically, the market became highly concentrated around Switzerland, reinforcing a mutually dependent relationship for high-end horological components, while the role of other Asian suppliers eroded. Internally, the EU industry exhibited a strong shift towards export orientation, with France cementing its position as the production and trade hub, and Germany expanding its export capacity. These dynamics suggest an industry increasingly focused on the premium segment and deeply integrated within European supply chains, albeit with a heightened dependency on a single key partner. The persistent, albeit fluctuating, trade deficit indicates a continued structural reliance on external sources for parts, a characteristic feature of this specialised sector.