Report Update: Apr 25, 2024

Republic of Korea - Silver Including Silver Plated With Gold Or Platinum - Market Analysis, Forecast, Size, Trends and Insights

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Silver Price in South Korea - 2022

Silver Price in South Korea (FOB) - 2022

In 2022, the average silver export price amounted to $563,344 per ton, reducing by -4.1% against the previous year. Over the period under review, the export price saw a noticeable contraction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 24%. Over the period under review, the average export prices hit record highs at $835,924 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($762,277 per ton), while the average price for exports to Vietnam ($108,130 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+7.1%), while the prices for the other major destinations experienced mixed trend patterns.

Silver Price in South Korea (CIF) - 2022

The average silver import price stood at $169K per ton in December 2022, picking up by 33% against the previous month. In general, the import price saw slight growth. The pace of growth was the most pronounced in July 2022 when the average import price increased by 44% month-to-month. Over the period under review, average import prices hit record highs at $207K per ton in May 2022; however, from June 2022 to December 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was Germany ($1.1M per ton), while the price for France ($53,198 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Germany (+5.4%), while the prices for the other major suppliers experienced a decline.

Silver Exports in South Korea

In 2022, after three years of growth, there was significant decline in shipments abroad of silver including silver plated with gold or platinum, when their volume decreased by -7.9% to 3.3K tons. The total export volume increased at an average annual rate of +4.5% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when exports increased by 17% against the previous year.

In value terms, silver exports dropped to $1.9B in 2022. Over the period under review, total exports indicated resilient growth from 2019 to 2022: its value increased at an average annual rate of +10.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +36.1% against 2019 indices. The growth pace was the most rapid in 2021 when exports increased by 31%. As a result, the exports attained the peak of $2.1B, and then declined in the following year.

Export of Silver in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Japan	724	941	1,335	1,126	15.9%
United States	74.7	297	440	372	70.8%
Hong Kong SAR	286	159	119	150	-19.4%
Thailand	95.8	55.0	63.4	57.1	-15.8%
China	48.0	73.6	36.7	42.7	-3.8%
Taiwan (Chinese)	23.0	22.5	34.1	28.8	7.8%
India	58.7	13.5	4.0	19.8	-30.4%
Australia	5.4	6.9	17.6	14.8	39.9%
Vietnam	6.7	8.8	13.2	11.1	18.3%
Others	62.0	57.2	71.2	62.5	0.3%
Total	1,385	1,635	2,134	1,885	10.8%

Top Export Markets for Silver from South Korea in 2022:

Japan (1477.7 tons)
United States (496.5 tons)
China (267.8 tons)
Hong Kong SAR (260.3 tons)
Thailand (227.9 tons)
India (118.1 tons)
Vietnam (102.7 tons)
Australia (94.7 tons)
Taiwan (Chinese) (57.5 tons)

Silver Imports in South Korea

Silver imports into South Korea rose sharply to 1.1K tons in 2022, picking up by 5.9% against the previous year. The total import volume increased at an average annual rate of +7.1% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 11%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, silver imports shrank to $161M in 2022. Over the period under review, total imports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +14.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +50.0% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 39% against the previous year.

Import of Silver in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Japan	54.1	59.7	73.0	65.7	6.7%
United States	32.4	44.9	65.9	59.3	22.3%
China	3.9	12.8	4.3	6.2	16.7%
France	3.4	4.5	6.8	6.1	21.5%
Taiwan (Chinese)	2.2	2.9	4.7	4.2	24.1%
Thailand	N/A	0.4	1.6	1.4	87.1%
Others	11.3	23.5	16.9	18.0	16.8%
Total	107	149	173	161	14.6%

Top Suppliers of Silver to South Korea in 2022:

Japan (660.7 tons)
France (125.8 tons)
China (81.6 tons)
United States (69.5 tons)
Taiwan (Chinese) (43.5 tons)
Thailand (29.6 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the silver market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 24411030 - Silver, unwrought or in powder form (including plated with gold or platinum)
Prodcom 24411050 - Silver, in semi-manufactured forms (including plated with gold or platinum) (excluding unwrought or in powder form)

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023