Asia-Pacific: Gold Market 2024

Gold Market Size in Asia-Pacific

In 2021, the Asia-Pacific gold market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption enjoyed a prominent expansion. The level of consumption peaked in 2021 and is likely to see gradual growth in years to come.

Gold Production in Asia-Pacific

In value terms, gold production fell to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate strong growth. The pace of growth was the most pronounced in 2015 when the production volume increased by 42%. Over the period under review, production reached the maximum level at $X in 2020, and then declined in the following year.

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Gold Exports

Exports in Asia-Pacific

In 2021, the amount of gold exported in Asia-Pacific shrank notably to X tons, which is down by -23.7% on 2020. Over the period under review, exports saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 28% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, gold exports declined remarkably to $X in 2021. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 46%. As a result, the exports attained the peak of $X, and then dropped significantly in the following year.

Exports by Country

In 2021, Hong Kong SAR (X tons), distantly followed by Australia (X tons), Singapore (X tons), Japan (X tons) and the Philippines (X tons) represented the main exporters of gold, together comprising 85% of total exports. Thailand (X tons) and China (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Singapore (with a CAGR of +14.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest gold supplying countries in Asia-Pacific were Hong Kong SAR ($X), Australia ($X) and Singapore ($X), with a combined 74% share of total exports.

Singapore, with a CAGR of +25.8%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per kg in 2021, reducing by -2.4% against the previous year. Export price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold export price increased by +40.8% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the export price increased by 31% against the previous year. As a result, the export price attained the peak level of $X per kg, and then reduced modestly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per kg), while the Philippines ($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 Asia-Pacific

After two years of decline, overseas purchases of gold increased by 91% to X tons in 2021. In general, imports posted a perceptible expansion. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, gold imports soared to $X in 2021. Total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

The purchases of the three major importers of gold, namely India, China and Hong Kong SAR, represented more than two-thirds of total import. It was distantly followed by Singapore (X tons) and Thailand (X tons), together generating a 13% share of total imports. The following importers - Australia (X tons), Malaysia (X tons) and South Korea (X tons) - together made up 6.7% of total imports.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +21.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest gold importing markets in Asia-Pacific were India ($X), China ($X) and Hong Kong SAR ($X), with a combined 76% share of total imports. These countries were followed by Singapore, Thailand, Australia, Malaysia and South Korea, which together accounted for a further 20%.

Among the main importing countries, Singapore, with a CAGR of +24.7%, saw the highest growth rate of 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

In 2021, the import price in Asia-Pacific amounted to $X per kg, remaining stable against the previous year. Import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold import price increased by +52.1% against 2015 indices. The pace of growth appeared the most rapid in 2020 an increase of 27% against the previous year. Over the period under review, import prices attained the maximum in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in China ($X per kg) and Malaysia ($X per kg), while India ($X per kg) and South Korea ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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