Asia-Pacific: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Asia-Pacific

The Asia-Pacific semi-manufactured gold market contracted to $X in 2022, which is down by -5.9% against the previous year. Overall, consumption, however, posted tangible growth. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Semi-Manufactured Gold Production in Asia-Pacific

In value terms, semi-manufactured gold production dropped slightly to $X in 2022 estimated in export price. The total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +64.7% against 2014 indices. The pace of growth appeared the most rapid in 2019 with an increase of 21% against the previous year. Over the period under review, production attained the peak level at $X in 2021, and then fell in the following year.

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Semi-Manufactured Gold Exports

Exports in Asia-Pacific

In 2022, semi-manufactured gold exports in Asia-Pacific contracted modestly to X tons, shrinking by -2.1% against the year before. Total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -38.2% against 2020 indices. The pace of growth was the most pronounced in 2015 when exports increased by 65%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, semi-manufactured gold exports dropped to $X in 2022. Total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -12.6% against 2020 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 71% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Singapore (X tons) and Australia (X tons) were the largest exporters of gold, in semi-manufactured forms in Asia-Pacific, together resulting at near 70% of total exports. The Philippines (X tons) ranks next in terms of the total exports with a 14% share, followed by Japan (5.4%). Lao People's Democratic Republic (X tons), Indonesia (X tons) and Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Indonesia (with a CAGR of +29.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest semi-manufactured gold supplying countries in Asia-Pacific were Singapore ($X), Australia ($X) and Japan ($X), with a combined 88% share of total exports. Indonesia, the Philippines, Lao People's Democratic Republic and Hong Kong SAR lagged somewhat behind, together accounting for a further 7.3%.

Among the main exporting countries, Indonesia, with a CAGR of +30.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per kg, waning by -4.3% against the previous year. Export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, semi-manufactured gold export price increased by +41.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 48% against the previous year. As a result, the export price reached the peak level of $X per kg, and then dropped modestly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per kg), while the Philippines ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.0%), while the other leaders experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports in Asia-Pacific

After two years of growth, supplies from abroad of gold, in semi-manufactured forms decreased by -7.5% to X tons in 2022. Overall, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of 301%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, semi-manufactured gold imports shrank to $X in 2022. In general, imports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 312%. The level of import peaked at $X in 2021, and then fell in the following year.

Imports by Country

Singapore represented the largest importing country with an import of about X tons, which accounted for 62% of total imports. Cambodia (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (7.9%). The following importers - Taiwan (Chinese) (X tons), China (X tons), the Philippines (X tons) and Hong Kong SAR (X tons) - together made up 12% of total imports.

Imports into Singapore increased at an average annual rate of +26.7% from 2012 to 2022. At the same time, Cambodia (+43.2%), Malaysia (+4.2%) and Hong Kong SAR (+2.1%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +43.2% from 2012-2022. By contrast, Taiwan (Chinese) (-3.7%), the Philippines (-3.8%) and China (-24.3%) illustrated a downward trend over the same period. Singapore (+51 p.p.), Cambodia (+12 p.p.) and China (+3.6 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia, the Philippines and Taiwan (Chinese) saw its share reduced by -1.8%, -4.5% and -6.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported gold, in semi-manufactured forms in Asia-Pacific, comprising 64% of total imports. The second position in the ranking was held by Cambodia ($X), with a 13% share of total imports. It was followed by Malaysia, with an 8.3% share.

In Singapore, semi-manufactured gold imports expanded at an average annual rate of +29.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cambodia (+53.9% per year) and Malaysia (+8.4% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per kg in 2022, remaining stable against the previous year. Import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, semi-manufactured gold import price increased by +54.7% against 2014 indices. The growth pace was the most rapid in 2020 when the import price increased by 24%. Over the period under review, import prices hit record highs at $X per kg in 2021, and then fell slightly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cambodia ($X per kg), while the Philippines ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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