ASEAN: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in ASEAN

The ASEAN semi-manufactured gold market fell sharply to $X in 2022, waning by -18.6% against the previous year. Overall, consumption, however, posted strong growth. As a result, consumption reached the peak level of $X, and then shrank markedly in the following year.

Semi-Manufactured Gold Production in ASEAN

In value terms, semi-manufactured gold production contracted to $X in 2022 estimated in export price. In general, production continues to indicate strong growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 148%. The level of production peaked at $X in 2021, and then contracted in the following year.

Semi-Manufactured Gold Exports

Exports in ASEAN

Semi-manufactured gold exports rose remarkably to X tons in 2022, with an increase of 11% compared with 2021 figures. Over the period under review, exports showed a resilient expansion. The growth pace was the most rapid in 2015 with an increase of 187% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, semi-manufactured gold exports shrank modestly to $X in 2022. In general, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 623%. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Singapore (X tons) was the major exporter of gold, in semi-manufactured forms, generating 67% of total exports. The Philippines (X tons) held the second position in the ranking, distantly followed by Lao People's Democratic Republic (X tons). All these countries together took approx. 29% share of total exports. Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to semi-manufactured gold exports from Singapore stood at +14.9%. At the same time, Indonesia (+29.9%), Lao People's Democratic Republic (+14.3%) and the Philippines (+6.7%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +29.9% from 2012-2022. From 2012 to 2022, the share of Singapore, Indonesia and Lao People's Democratic Republic increased by +29, +2.8 and +2 percentage points, respectively.

In value terms, Singapore ($X) remains the largest semi-manufactured gold supplier in ASEAN, comprising 86% of total exports. The second position in the ranking was held by Indonesia ($X), with a 4.9% share of total exports. It was followed by the Philippines, with a 4.7% share.

In Singapore, semi-manufactured gold exports increased at an average annual rate of +24.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+30.4% per year) and the Philippines (+4.9% per year).

Export Prices by Country

The export price in ASEAN stood at $X per kg in 2022, dropping by -10.2% against the previous year. Overall, the export price, however, recorded buoyant growth. The pace of growth was the most pronounced in 2015 an increase of 152%. The level of export peaked at $X per kg in 2021, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per kg), while the Philippines ($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 mixed trends in the export price figures.

Semi-Manufactured Gold Imports

Imports in ASEAN

In 2022, overseas purchases of gold, in semi-manufactured forms decreased by -1.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, recorded strong growth. The pace of growth appeared the most rapid in 2015 with an increase of 653%. The volume of import peaked at X tons in 2021, and then fell in the following year.

In value terms, semi-manufactured gold imports reduced modestly to $X in 2022. Over the period under review, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 778%. The level of import peaked at $X in 2021, and then declined slightly in the following year.

Imports by Country

Singapore represented the main importing country with an import of around X tons, which finished at 72% of total imports. It was distantly followed by Cambodia (X tons) and Malaysia (X tons), together committing a 23% share of total imports. The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to semi-manufactured gold imports into Singapore stood at +26.7%. At the same time, Cambodia (+43.2%) and Malaysia (+4.2%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +43.2% from 2012-2022. By contrast, the Philippines (-3.8%) illustrated a downward trend over the same period. While the share of Singapore (+41 p.p.) and Cambodia (+12 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Philippines (-17.5 p.p.) and Malaysia (-19.1 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) constitutes the largest market for imported gold, in semi-manufactured forms in ASEAN, comprising 74% of total imports. The second position in the ranking was taken by Cambodia ($X), with a 15% share of total imports. It was followed by Malaysia, with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore stood at +29.3%. In the other countries, the average annual rates were as follows: Cambodia (+53.9% per year) and Malaysia (+8.4% per year).

Import Prices by Country

The import price in ASEAN stood at $X per kg in 2022, leveling off at the previous year. Import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.2% 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 +79.4% against 2014 indices. The most prominent rate of growth was recorded in 2020 when the import price increased by 28% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: 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

Frequently Asked Questions (FAQ) :