China: Gold Market 2022

Gold Market Size in China

In 2021, after two years of decline, there was significant growth in the Chinese gold market, when its value increased by X% to $X. Over the period under review, consumption, however, continues to indicate a abrupt curtailment. Gold consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Gold Production in China

In value terms, gold production declined slightly to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X, and then reduced slightly in the following year.

Gold Exports

Exports from China

After three years of growth, overseas shipments of gold decreased by -X% to X tons in 2021. Over the period under review, exports, however, recorded a temperate expansion. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons, and then contracted rapidly in the following year.

In value terms, gold exports reduced to $X in 2021. In general, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then shrank in the following year.

Exports by Country

Hong Kong SAR (X tons) was the main destination for gold exports from China, with a X% share of total exports. Moreover, gold exports to Hong Kong SAR exceeded the volume sent to the second major destination, the Philippines (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total exports with a X% share.

From 2015 to 2021, the average annual growth rate of volume to Hong Kong SAR amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+X% per year) and South Korea (+X% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for gold exports from China, comprising X% of total exports. The second position in the ranking was taken by South Korea ($X), with a X% share of total exports. It was followed by the Philippines, with a X% share.

From 2015 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+X% per year) and the Philippines (+X% per year).

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, picking up by X% against the previous year. Over the last six-year period, it increased at an average annual rate of +X%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per kg), while the average price for exports to Italy ($X per kg) was amongst the lowest.

From 2015 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+X%), while the prices for the other major destinations experienced mixed trend patterns.

Gold Imports

Imports into China

In 2021, purchases abroad of gold was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, continue to indicate a deep setback. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, gold imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a deep downturn. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Switzerland (X tons) constituted the largest supplier of gold to China, accounting for a X% share of total imports. Moreover, gold imports from Switzerland exceeded the figures recorded by the second-largest supplier, Australia (X tons), twofold. The third position in this ranking was taken by South Africa (X tons), with an X% share.

From 2015 to 2021, the average annual rate of growth in terms of volume from Switzerland totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-X% per year) and South Africa (X% per year).

In value terms, Switzerland ($X) constituted the largest supplier of gold to China, comprising X% of total imports. The second position in the ranking was held by Australia ($X), with a X% share of total imports. It was followed by South Africa, with an X% share.

From 2015 to 2021, the average annual growth rate of value from Switzerland amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+X% per year) and South Africa (X% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, growing by X% against the previous year. Over the last six years, it increased at an average annual rate of +X%. The pace of growth appeared the most rapid in 2020 when the average import price increased by X% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Australia ($X per kg) and Japan ($X per kg), while the price for South Africa ($X per kg) and Switzerland ($X per kg) were amongst the lowest.

From 2015 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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