Market evolution: Watch straps and parts (CN 9113) — 2015–2025

Introduction

This report analyses the trade dynamics of the European Union in watch straps, bands, bracelets, and parts thereof (Customs code 9113) between 2015 and 2025. Over this period, the EU market has demonstrated robust growth, characterized by a significant and sustained trade surplus. The core narrative is one of divergent trajectories: while exports are increasingly concentrated in high-value segments and directed towards key luxury markets, imports have surged in volume, primarily driven by lower-cost base metal and generic products. The EU's role as a high-value production and export hub, particularly for precious metal components, has solidified, even as it has become more reliant on external sources for mass-market items.

The Export Engine: High-Value Specialization and Geographic Focus

EU exports of watch straps and parts grew substantially in value over the decade, reinforcing the bloc's position as a major net exporter of these components. This growth, however, was unevenly distributed across product types and destination markets, revealing a clear strategy of specialization.

Strong value growth anchored by high-value segments

Total EU exports increased by 37.0% in value, from €374 million in 2015 to €513 million in 2025 (General Overview). This expansion was primarily fuelled by the surge in exports of base metal straps and parts (CN 911320), which saw their value more than triple from €52 million to €178 million. Meanwhile, exports of precious metal products (CN 911310) fluctuated but ended the period nearly flat at €147 million. The generic "n.e.s." category (CN 911390) remained the largest segment by value but saw a 16% decline from its peak, suggesting a strategic pivot towards engineered base metal components.

Data source: Product Segment Breakdown

Switzerland remains the indispensable partner

Switzerland is the overwhelmingly dominant destination for EU exports, accounting for 78% of total exports by value in 2025. This reflects the deep integration of EU component suppliers, particularly from France and Italy, into the Swiss watchmaking industry. Exports to Switzerland grew by 23.2% over the period. A notable diversification is the explosive growth in exports to China (+1,955% to €30 million) and the United States (+124.5% to €22 million), indicating the rising importance of these consumer markets for finished watches incorporating EU-made straps.

Data source: Top partners by value

France and Italy: The twin pillars of EU production

The export landscape is dominated by two EU member states. France, the largest exporter, saw its shipments grow by 54.3% to €288 million, underscoring its leadership in luxury goods components. Italy, the second-largest exporter, experienced a slight contraction (-3.6%) but maintained a formidable base at €150 million. Together, they accounted for over 85% of all EU exports. Emerging exporters include Portugal (+1,312% to €27 million) and the Czech Republic, highlighting a potential geographical shift in production within the EU.

Import Surge: Volume-Driven Growth and Supplier Diversification

In parallel with strong exports, EU imports of watch straps and parts more than doubled in value, with an even more dramatic increase in physical volume. This points to a structural increase in the EU's consumption of these components, particularly for lower-cost, volume segments.

Imports driven by massive volume increases from China

EU imports rose by 86.0% in value to €335 million, but the key story is the 168% explosion in imported volume, from 618 tonnes to 1,656 tonnes (General Overview). This volume growth was overwhelmingly concentrated in the generic "n.e.s." segment (CN 911390) and base metal (CN 911320). China was the primary driver, with imports from China growing by 131% in value to €135 million, while its share of import volume remained dominant.

Data source: Top partners by value & Volatility bars

A pronounced price decline signals a shift in import composition

The average import price fell by 30.6% over the period, from €290,000 per tonne to €202,000 per tonne (General Overview). This inverse relationship between soaring volume and falling prices is a strong indicator that the EU's import growth has been powered by increasing quantities of lower-unit-value products, such as standard base metal and plastic straps, rather than high-end components.

The United Kingdom emerges as a volatile trade partner post-Brexit

Trade with the United Kingdom has been highly volatile. UK imports into the EU peaked at over €10 million in 2021 before settling back to €1.8 million in 2025. More strikingly, the UK is identified as the source of the most significant trade shock during the period: a 127.9% price spike in exports to the UK in 2021, likely linked to the new customs arrangements following Brexit (Top shock events).

Structural Shifts: Production, Specialization, and Market Resilience

Beyond the headline trade figures, underlying structural changes in EU production and market concentration reveal the evolving architecture of the industry.

EU production shifts towards higher value

While the quantity of EU production (in kilograms) was essentially flat at 13 million kg, its reported value increased dramatically by 1,453% to €1.43 billion (Production volumes). This suggests a significant move up the value chain within the EU, focusing on more complex and valuable products, which aligns with the observed export specialization.

Market concentration and EU specialization

The EU's export market remains highly concentrated, with a Herfindahl-Hirschman Index (HHI) of 6,183 in 2025, primarily due to the dominance of Switzerland. Import concentration is lower but has increased by 18.2% to an HHI of 3,949, indicating growing reliance on a few key suppliers like China and Switzerland (Concentration HHI).

The Czech Republic and the Netherlands have emerged as the most specialized EU producers in 2025, with high Revealed Symmetric Comparative Advantage (RSCA) scores. This points to the development of new manufacturing clusters within the EU for this product category (Most specialised reporters).

A resilient trade surplus despite rising import dependence

The EU has maintained a consistent trade surplus throughout the period, which stood at €178 million in 2025. However, the net import reliance metric shows the surplus has narrowed slightly. The trade intensity of the product (the sum of exports and imports relative to production) has soared to 124%, and export propensity has reached 157%, confirming the EU's deep integration into global value chains for this product (Autonomy & Vulnerability). The market is characterized by a virtuous cycle: EU specialization in high-value exports funds the importation of volume products for consumption and assembly.

Conclusion

Over the 2015–2025 decade, the EU's watch strap and parts market has evolved into a two-tier system. The export sector, led by France and Italy, has solidified its global leadership by focusing on high-value, precision components for the Swiss watch industry and expanding into growing luxury markets. Concurrently, the import sector has expanded dramatically through high-volume, low-price sourcing, primarily from China, to satisfy demand for mass-market and mid-range products. This dynamic has preserved a healthy trade surplus but has also increased the EU's volume-based import dependence. The industry's future resilience will depend on sustaining its high-value export niche while managing supply chain risks in its volume segment.