Market evolution: Watch cases and parts (CN 9111) — 2015–2025
Introduction
This report examines the EU's external trade in CN 9111 — cases for wrist-watches, pocket-watches and other watches (including stop-watches) of headings 9101 or 9102, and parts thereof — over the period 2015–2025. The heading bundles four subcategories: precious-metal cases (911110), base-metal cases (911120), cases of other materials (911180), and parts of cases (911190). Full product scope and definitions
The decade under review was marked by a profound reversal of the EU's position in this market. What began as a trade surplus of €48.2 million in 2015 ended as a deficit of €31.6 million by 2025 — a swing of nearly €80 million driven by collapsing export values, rising import volumes, and a dramatic erosion of unit prices on both sides.
1. A Decade of Eroding Margins and Reversing Fortunes
EU exports collapsed far more steeply than imports
Between 2015 and 2025, the EU's total extra-EU trade in CN 9111 underwent a pronounced contraction in value terms:
| Indicator | 2015 | 2025 | Change |
|---|---|---|---|
| Exports (EUR) | 171,165,648 | 56,286,226 | −67.1% |
| Imports (EUR) | 122,955,673 | 87,923,916 | −28.5% |
| Trade balance (EUR) | +48,209,975 | −31,637,690 | Reversal |
| Export quantity (t) | 125.6 | 93.1 | −25.9% |
| Import quantity (t) | 120.6 | 194.9 | +61.6% |
Exports more than halved in value while imports declined by less than a third. Most strikingly, import volumes actually rose by 61.6%, indicating that the EU sourced significantly more watch-case material by weight even as the total bill fell.
Unit prices converged downward, eroding the EU's premium positioning
The decline in trade values was amplified by a dramatic convergence of export and import unit prices:
| Metric | 2015 | 2025 | Change |
|---|---|---|---|
| Export price (EUR/t) | 1,359,029 | 598,386 | −56.0% |
| Import price (EUR/t) | 1,017,562 | 448,454 | −55.9% |
Both export and import prices fell by roughly 56%, suggesting a broad devaluation of the product mix traded — likely reflecting a shift toward lower-value segments (base-metal and non-metal cases) and away from precious-metal watch cases, as well as possible structural price deflation in the global watch-supply chain.
Net import reliance swung from negative to strongly positive
The EU's net import reliance shifted from −18.7% in 2015 (meaning the EU was a net exporter) to +31.1% in 2025, peaking at 47.7% along the way. This signals a fundamental structural change: the EU moved from being a competitive supplier of watch cases and parts on global markets to becoming a net importer dependent on extra-EU sources.
2. Geographic Concentration and the Italian Collapse
Switzerland dominates both sides but is losing share
Switzerland was the EU's top export destination and top import source throughout the period, reflecting the tight integration of EU (especially French, German and Italian) component makers with the Swiss watch industry. However, Swiss-directed exports fell from €164.8M in 2015 to €51.4M in 2025 (−68.8%), while imports from Switzerland fell from €92.9M to €62.0M (−33.2%). The export decline to Switzerland alone accounts for the vast majority of the EU's overall export drop.
Italy experienced a near-total trade collapse
The most dramatic national story is Italy's:
| Indicator | 2015 | 2025 | Change |
|---|---|---|---|
| Italian exports (EUR) | 134,609,038 | 10,251,954 | −92.4% |
| Italian imports (EUR) | 44,134,047 | 4,026,684 | −90.9% |
Italy's extra-EU exports in CN 9111 fell by over 92%, from €134.6M to just €10.3M. Imports declined by a similar magnitude. This near-total retreat likely reflects reclassification of trade flows, the relocation of production activities, or a structural reorganisation within the Italian watch-case industry (e.g., shifts to intra-EU trade not captured here, or changes in customs declarations).
France and Germany partially compensated, but from a smaller base
France's exports grew from €18.3M to €24.9M (+36.1%), and Germany's from €10.0M to €15.6M (+55.2%). On the import side, France's extra-EU imports rose from €26.6M to €35.8M (+34.5%) while Germany's fell slightly. However, even combined, France and Germany's exports in 2025 (€40.4M) barely reach a third of Italy's 2015 level.
China remained the second-largest import source but saw only modest growth
Chinese imports fell from €25.8M to €20.7M (−19.9%), despite China remaining the EU's second-largest supplier after Switzerland. The decline in unit values of Chinese imports — consistent with the broader price compression — suggests China supplied increasingly commoditised products at lower per-unit prices.
The Herfindahl index confirms moderate de-concentration
The value-based HHI for imports fell from 6,235 to 5,599 (−10.2%) and for exports from 9,299 to 8,391 (−9.8%). The export HHI remains notably high, reflecting continued Swiss dominance as a destination. The import side is somewhat more diversified, though still concentrated in the top two partners (Switzerland and China).
3. Product-Mix Shifts: The Rise of Non-Metal Cases and Parts
Subheading 911190 (case parts) dominates imports but its export performance has deteriorated
The product segment breakdown reveals that case parts (911190) are the largest subcategory on both the import and export sides. Import volumes for 911190 rose from 35.4t to 58.5t (+65%), while export volumes fell from 86.1t to 35.1t (−59%). This divergence — more parts coming in, fewer going out — is a primary driver of the overall trade-balance reversal.
| Subheading | Import qty 2015 (t) | Import qty 2025 (t) | Change | Export qty 2015 (t) | Export qty 2025 (t) | Change |
|---|---|---|---|---|---|---|
| 911190 – Parts | 35.4 | 58.5 | +65.2% | 86.1 | 35.1 | −59.2% |
| 911120 – Base metal cases | 58.9 | 68.7 | +16.6% | 12.4 | 3.2 | −74.5% |
| 911180 – Other materials | 24.9 | 66.3 | +165.8% | 24.1 | 54.4 | +125.4% |
| 911110 – Precious metal cases | 1.4 | 1.4 | +4.8% | 3.1 | 0.5 | −83.7% |
Non-metal cases (911180) saw explosive volume growth on both sides
The most dynamic segment was 911180 — cases of materials other than precious metal or base metal (e.g., ceramic, carbon fibre, plastic). Import volumes surged from 24.9t to 66.3t (+166%), while exports also rose from 24.1t to 54.4t (+125%). This suggests growing demand for non-traditional watch-case materials in both the EU and global markets, likely driven by fashion and smartwatch trends.
Precious-metal case trade (911110) collapsed on the export side
Exports of precious-metal cases (911110) fell from 3.1t to 0.5t in volume and from €57.4M to €6.2M in value (−89.2%). The unit value per piece (using the supplementary unit) remained high but extremely volatile — ranging from €199/piece in 2021 to €1,780/piece in 2024 — suggesting that this subcategory is dominated by small batches of luxury components whose declared values fluctuate significantly.
Base-metal case trade (911120) shows a declining EU export footprint
Base-metal case exports shrank from 12.4t to 3.2t (−74.5% in volume, −78.8% in value), while imports remained relatively stable at around 59–69t. The supplementary-unit price for base-metal case imports (EUR/piece) rose from €17.73 in 2015 to €21.16 in 2025, suggesting some upward price movement in this more commoditised segment, even as volumes on the export side collapsed.
Conclusion
The EU's trade in watch cases and parts (CN 9111) underwent a fundamental transformation between 2015 and 2025. The bloc shifted from being a net exporter (surplus of €48.2M) to a net importer (deficit of €31.6M), with the net import reliance climbing to 31.1%. This was driven by three reinforcing dynamics: (1) a collapse in EU export values, overwhelmingly concentrated in flows to Switzerland and originating from Italy; (2) a significant increase in import volumes, particularly of case parts and non-metal cases; and (3) a broad-based 56% decline in unit prices on both sides, suggesting structural shifts in the product mix toward lower-value segments.
EU production data for the PRODCOM equivalent (26.52.22.10) shows a moderate increase in domestic production value (from €43.8M to €60.0M, +36.9%), which may indicate that some production has stayed within the EU but is now oriented more toward intra-EU or domestic consumption rather than extra-EU exports. Meanwhile, the EU's export propensity dropped from 250% to 107%, further confirming the sector's declining orientation toward extra-EU markets. France stands out as the one major EU member that has expanded its export presence, while Italy's near-total withdrawal from extra-EU trade in this product reshaped the geographic and competitive landscape of the European watch-case industry.