Market research

Watches market in Portugal

Release date: Mar 30, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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File format: docx, xlsx

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Earlier Report Observations

The Portuguese watch market faced a severe contraction in 2020, with volume dropping to 1.6 million units as the COVID-19 pandemic disrupted retail and reduced consumer spending. Recovery commenced the following year, propelled by the rapid adoption of smartwatches and digital timepieces, led by global brands like Apple which gained significant ground in Portugal. This shift towards versatile, technology-integrated watches helped import volumes rise steadily from 2021 onward.

Market volume fully rebounded and surpassed pre-pandemic levels by 2024, reaching 3.1 million units. This growth was underpinned by two parallel trends: the strong and sustained appreciation of pre-owned luxury watches, which maintained high consumer interest and investment in the segment, and the global launch of premium smartwatch models from companies such as Garmin and Oppo. Furthermore, the expansion of local online platforms like Relogios.pt, offering wide brand selection and competitive pricing, significantly improved product accessibility for Portuguese buyers.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators
1. 4.1. In kind
  1. 4.1.1. Production, 2019-2020, 2023-2024
  2. 4.1.2. Imports, 2018-2025
  3. 4.1.3. Exports, 2018-2025
  4. 4.1.4. Market size, 2019-2020, 2023-2024
5. Production
1. 5.1. Production in Portugal
  1. 5.1.1. In kind, 2019-2020, 2023-2024, K unit
  2. 5.1.2. In value, 2019-2020, 2023-2024, K $ US
2. 5.2. Production in the EU, 2018-2024
  1. 5.2.1. In kind, 2018-2024, K unit
  2. 5.2.2. In value, 2018-2024, K $ US
6. Exports
1. 6.1. Exports (Direct Data)
  1. 6.1.1. Exports - Total information
  2. 6.1.2. Exports in kind, K unit
    1. 6.1.2.1. Annual dynamics of product's exports from Portugal in kind, 2018-2025, K unit
    2. 6.1.2.2. Dynamics of product's exports in kind from Portugal by countries, 2018-2025, K unit
    3. 6.1.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 6.1.3. Exports in value, M $ US
    1. 6.1.3.1. Annual dynamics of product's exports from Portugal in value, 2018-2025, M $ US
    2. 6.1.3.2. Dynamics of product's exports in value from Portugal by countries, 2018-2025, M $ US
    3. 6.1.3.3. Structure of product's exports in value by countries, 2018-2025
  4. 6.1.4. Average price of product's exports, $ US/unit
    1. 6.1.4.1. Annual dynamics of average price of product's exports from Portugal, 2018-2025, $ US/unit
    2. 6.1.4.2. Dynamics of average price of product's exports from Portugal by countries, 2018-2025, $ US/unit
2. 6.2. Exports (Mirror Data)
  1. 6.2.1. Exports - Total information
  2. 6.2.2. Exports in kind, K unit
    1. 6.2.2.1. Annual dynamics of product's exports from Portugal in kind, 2018-2025, K unit
    2. 6.2.2.2. Dynamics of product's exports in kind from Portugal by countries, 2018-2025, K unit
    3. 6.2.2.3. Structure of product's exports in kind by countries, 2018-2025
  3. 6.2.3. Exports in value, M $ US
    1. 6.2.3.1. Annual dynamics of product's exports from Portugal in value, 2018-2025, M $ US
    2. 6.2.3.2. Dynamics of product's exports in value from Portugal by countries, 2018-2025, M $ US
    3. 6.2.3.3. Structure of product's exports in value by countries, 2018-2025
  4. 6.2.4. Average price of product's exports, $ US/unit
    1. 6.2.4.1. Annual dynamics of average price of product's exports from Portugal, 2018-2025, $ US/unit
    2. 6.2.4.2. Dynamics of average price of product's exports from Portugal by countries, 2018-2025, $ US/unit
7. Imports
1. 7.1. Imports (Direct Data)
  1. 7.1.1. Imports - Total information
  2. 7.1.2. Imports in kind, K unit
    1. 7.1.2.1. Annual dynamics of product's imports to Portugal in kind, 2018-2025, K unit
    2. 7.1.2.2. Dynamics of product's imports in kind to Portugal by countries, 2018-2025, K unit
    3. 7.1.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 7.1.3. Imports in value, M $ US
    1. 7.1.3.1. Annual dynamics of product's imports to Portugal in value, 2018-2025, M $ US
    2. 7.1.3.2. Dynamics of product's imports in value to Portugal by countries, 2018-2025, M $ US
    3. 7.1.3.3. Structure of product's imports in value by countries, 2018-2025
  4. 7.1.4. Average price of product's imports, $ US/unit
    1. 7.1.4.1. Annual dynamics of average price of product's imports to Portugal, 2018-2025, $ US/unit
    2. 7.1.4.2. Dynamics of average price of product's imports to Portugal by countries, 2018-2025, $ US/unit
2. 7.2. Imports (Mirror Data)
  1. 7.2.1. Imports - Total information
  2. 7.2.2. Imports in kind, K unit
    1. 7.2.2.1. Annual dynamics of product's imports to Portugal in kind, 2018-2025, K unit
    2. 7.2.2.2. Dynamics of product's imports in kind to Portugal by countries, 2018-2025, K unit
    3. 7.2.2.3. Structure of product's imports in kind by countries, 2018-2025
  3. 7.2.3. Imports in value, M $ US
    1. 7.2.3.1. Annual dynamics of product's imports to Portugal in value, 2018-2025, M $ US
    2. 7.2.3.2. Dynamics of product's imports in value to Portugal by countries, 2018-2025, M $ US
    3. 7.2.3.3. Structure of product's imports in value by countries, 2018-2025
  4. 7.2.4. Average price of product's imports, $ US/unit
    1. 7.2.4.1. Annual dynamics of average price of product's imports to Portugal, 2018-2025, $ US/unit
    2. 7.2.4.2. Dynamics of average price of product's imports to Portugal by countries, 2018-2025, $ US/unit
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, K unit
  2. 8.1.2. In value, M $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, K unit
  2. 8.2.2. In value, M $ US
9. Top buying and selling countries, 2018-2025
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production watches in Portugal

In value, 2018-2021, K $ US

In 2020, Portugal's watch production was valued at 5 502 K $ US, marking a significant decline of 12.4% compared to the previous year.

Annual dynamics of production in Portugal in value, 2018-2021, K $ US

Parameter		2019	2020	2021	CAGR
1	Change from last year	n/a	(12.4%)	n/a	-

Source: SHEV.io

In kind, 2018-2021, K unit

Portugal produced 580.5 K units of watches in 2020, reflecting a decrease of 21.9% from the year before.

Annual dynamics of production in Portugal in kind, 2018-2021, K unit

Parameter		2019	2020	2021	CAGR
1	Change from last year	n/a	(21.9%)	n/a	-

Source: SHEV.io

Exports watches from Portugal

Exports in kind, K unit

Portugal's watch export volume declined for the third consecutive year. In 2021, exports reached 543 K units, which is 1.8% lower than in 2020. Between 2018 and 2021, exports decreased by 52.9%, representing an annualized decline of 22.2%.

Annual dynamics of product's exports from Portugal in kind, 2018-2021, K unit

Parameter		2019	2020	2021	CAGR
1	Change from last year	(34.1%)	(27.2%)	(1.8%)	(22.2%)

Source: SHEV.io

From 2018 to 2021, Spain (37.8% of exports in kind), Hong Kong (12.4%), and France (10.6%) were the top buyers of Portuguese watches, together accounting for 60.8% of total exports in kind.

Structure of product's exports in kind by countries, 2018-2021

Source: SHEV.io

World map of product's exports from Portugal in kind, 2018-2021

Source: SHEV.io

Exports in value, M $ US

The value of watch exports from Portugal fell for the third year in a row. In 2021, exports amounted to 120.5 M $ US, a slight decrease of 1.6% compared to 2020. Over the period 2018-2021, exports dropped by 27.4%, with a compound annual growth rate (CAGR) of -10.1%.

Annual dynamics of product's exports from Portugal in value, 2018-2021, M $ US

Parameter		2019	2020	2021	CAGR
1	Change from last year	(11.7%)	(16.4%)	(1.6%)	(10.1%)

Source: SHEV.io

During 2018-2021, Hong Kong (34.5% of exports in value terms), the United States (23.6%), and Switzerland (12.7%) remained the leading markets for Portuguese watch exports, collectively representing 70.7% of total export value.

Structure of product's exports in value by countries, 2018-2021

Source: SHEV.io

World map of product's exports from Portugal in value, 2018-2021

Source: SHEV.io

Imports watches to Portugal

Imports in kind, K unit

In 2021, Portugal's watch import volume totaled 1 942 K units, showing a robust increase of 24.4% from the previous year. Over the period 2018-2021, imports grew by 5.4%, with a CAGR of 1.8%. The lowest volume was recorded in 2020 at 1 561 K units, while the highest was in 2019 at 2 995 K units. The largest decline occurred in 2020, falling by 47.9%, and the largest increase was in 2019, rising by 62.5%.

Annual dynamics of product's imports to Portugal in kind, 2018-2021, K unit

Parameter		2019	2020	2021	CAGR
1	Change from last year	62.5%	(47.9%)	24.4%	1.8%

Source: SHEV.io

From 2018 to 2021, Spain (37.7% of imports in kind), China (23.9%), and France (14.6%) contributed the most to Portugal's watch imports in kind, together making up 76.2% of total import volume.

Structure of product's imports in kind by countries, 2018-2021

Source: SHEV.io

World map of product's imports to Portugal in kind, 2018-2021

Source: SHEV.io

Imports in value, M $ US

After two years of decline, Portugal's watch import value increased in 2021. Imports totaled 173.0 M $ US, a strong gain of 10.1% from 2020. Between 2018 and 2021, imports decreased by 34.8%, equivalent to an annualized rate of -13.3%. The lowest value was recorded in 2020 at 157.2 M $ US, with the largest decline that year of 32.5%.

Annual dynamics of product's imports to Portugal in value, 2018-2021, M $ US

Parameter		2019	2020	2021	CAGR
1	Change from last year	(12.3%)	(32.5%)	10.1%	(13.3%)

Source: SHEV.io

In 2018-2021, France (58.2% of imports in value terms), Spain (20.5%), and Germany (5.8%) formed the main cluster of markets for Portugal's watch imports in value terms, with a combined share of 84.5% of total import value.

Structure of product's imports in value by countries, 2018-2021

Source: SHEV.io

World map of product's imports to Portugal in value, 2018-2021

Source: SHEV.io