ASEAN: Gold Market 2024

Gold Market Size in ASEAN

In 2021, the ASEAN gold market was finally on the rise to reach $X after two years of decline. In general, consumption posted a moderate expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Gold Production in ASEAN

In value terms, gold production reached $X in 2021 estimated in export price. The total production indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.5% against 2019 indices. The growth pace was the most rapid in 2014 when the production volume increased by 97% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Gold Exports

Exports in ASEAN

After two years of growth, shipments abroad of gold decreased by -34.5% to X tons in 2021. Total exports indicated a modest increase from 2012 to 2021: its volume increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when exports increased by 42%. Over the period under review, the exports hit record highs at X tons in 2020, and then shrank sharply in the following year.

In value terms, gold exports dropped notably to $X in 2021. Over the period under review, exports, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2015 with an increase of 209% against the previous year. The level of export peaked at $X in 2020, and then dropped notably in the following year.

Exports by Country

Singapore represented the key exporting country with an export of around X tons, which reached 59% of total exports. The Philippines (X tons) held the second position in the ranking, followed by Thailand (X tons) and Indonesia (X tons). All these countries together took approx. 36% share of total exports. Lao People's Democratic Republic (X tons) held a relatively small share of total exports.

Singapore was also the fastest-growing in terms of the gold exports, with a CAGR of +14.9% from 2012 to 2021. At the same time, Lao People's Democratic Republic (+12.0%) displayed positive paces of growth. The Philippines experienced a relatively flat trend pattern. By contrast, Indonesia (-4.9%) and Thailand (-10.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Singapore and Lao People's Democratic Republic increased by +39 and +2.1 percentage points, respectively.

In value terms, Singapore ($X) remains the largest gold supplier in ASEAN, comprising 68% of total exports. The second position in the ranking was held by Thailand ($X), with a 17% share of total exports. It was followed by Indonesia, with a 6.9% share.

In Singapore, gold exports increased at an average annual rate of +25.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (-6.0% per year) and Indonesia (-3.0% per year).

Export Prices by Country

The export price in ASEAN stood at $X per kg in 2021, reducing by -7.8% against the previous year. In general, the export price, however, showed strong growth. The growth pace was the most rapid in 2015 an increase of 118%. Over the period under review, the export prices attained the peak figure at $X per kg in 2020, and then reduced in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Singapore (+9.5%), while the other leaders experienced more modest paces of growth.

Gold Imports

Imports in ASEAN

Gold imports expanded markedly to X tons in 2021, surging by 12% on the previous year. Over the period under review, imports showed a perceptible increase. The most prominent rate of growth was recorded in 2015 with an increase of 104%. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, gold imports rose significantly to $X in 2021. In general, imports recorded a resilient increase. The pace of growth appeared the most rapid in 2015 when imports increased by 105%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Singapore (X tons) represented the largest importer of gold, creating 45% of total imports. Thailand (X tons) took a 27% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (13%) and Indonesia (8.3%). The following importers - Cambodia (X tons) and the Philippines (X tons) - each finished at a 5.3% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Indonesia (with a CAGR of +28.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Thailand ($X) and Malaysia ($X) constituted the countries with the highest levels of imports in 2021, with a combined 87% share of total imports. Indonesia, Cambodia and the Philippines lagged somewhat behind, together comprising a further 12%.

Among the main importing countries, Indonesia, with a CAGR of +59.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per kg in 2021, increasing by 2.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.6%. The most prominent rate of growth was recorded in 2020 when the import price increased by 25% against the previous year. Over the period under review, import prices attained the maximum in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Malaysia ($X per kg), while the Philippines ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+24.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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