Australia: Gold Market 2024

Gold Market Size in Australia

The Australian gold market fell to $X in 2021, reducing by -13.2% against the previous year. Overall, consumption, however, saw a strong expansion. As a result, consumption attained the peak level of $X, and then declined in the following year.

Gold Production in Australia

In value terms, gold production reduced to $X in 2021 estimated in export price. In general, the total production indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.0% 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 increased by +68.9% against 2015 indices. The growth pace was the most rapid in 2020 with an increase of 29%. As a result, production attained the peak level of $X, and then shrank in the following year.

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Gold Exports

Exports from Australia

In 2021, overseas shipments of gold decreased by -2.3% to X tons, falling for the second consecutive year after two years of growth. Overall, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 15%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, gold exports fell to $X in 2021. In general, exports, however, recorded slight growth. The pace of growth appeared the most rapid in 2016 with an increase of 26% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020, and then dropped modestly in the following year.

Exports by Country

China (X tons) was the main destination for gold exports from Australia, with a 30% share of total exports. Moreover, gold exports to China exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), twofold. The third position in this ranking was held by Singapore (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to -2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+36.6% per year) and Singapore (+2.2% per year).

In value terms, China ($X) emerged as the key foreign market for gold exports from Australia, comprising 30% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 13% share of total exports. It was followed by Singapore, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to -1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+38.7% per year) and Singapore (+3.5% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, with an increase of 2.2% against the previous year. Over the period under review, export price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.4% 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 export price increased by +62.4% against 2015 indices. The pace of growth was the most pronounced in 2020 an increase of 26% against the previous year. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were the United States ($X per kg) and the UK ($X per kg), while the average price for exports to Turkey ($X per kg) and South Korea ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+4.1%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Australia

In 2021, imports of gold into Australia fell markedly to X tons, waning by -26.5% against 2020 figures. In general, imports showed a abrupt descent. The most prominent rate of growth was recorded in 2018 with an increase of 29%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, gold imports fell remarkably to $X in 2021. Over the period under review, imports recorded a perceptible descent. The growth pace was the most rapid in 2016 with an increase of 50% against the previous year. Over the period under review, imports attained the maximum at $X in 2020, and then contracted markedly in the following year.

Imports by Country

Papua New Guinea (X tons), the United States (X tons) and Cote d'Ivoire (X tons) were the main suppliers of gold imports to Australia, with a combined 57% share of total imports. Mali, Lao People's Democratic Republic, New Zealand, Senegal, the UK, Ghana, Switzerland, Saudi Arabia, Hong Kong SAR and Thailand lagged somewhat behind, together comprising a further 38%.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +83.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Papua New Guinea ($X), the United States ($X) and Cote d'Ivoire ($X) constituted the largest gold suppliers to Australia, with a combined 57% share of total imports. These countries were followed by Mali, Lao People's Democratic Republic, New Zealand, Senegal, Ghana, the UK, Switzerland, Saudi Arabia, Hong Kong SAR and Thailand, which together accounted for a further 37%.

Among the main suppliers, Ghana, with a CAGR of +94.5%, 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 average gold import price stood at $X per kg in 2021, growing by 4.9% against the previous year. In general, import price indicated moderate growth from 2012 to 2021: its price 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. Based on 2021 figures, gold import price increased by +18.0% against 2017 indices. The pace of growth was the most pronounced in 2017 when the average import price increased by 42% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Ghana ($X per kg) and Lao People's Democratic Republic ($X per kg), while the price for the UK ($X per kg) and Hong Kong SAR ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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