Eastern Asia: Gold Market 2024

Gold Market Size in Eastern Asia

In 2021, the East Asian gold market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption saw a significant expansion. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Gold Production in Eastern Asia

In value terms, gold production shrank significantly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a prominent increase. The pace of growth appeared the most rapid in 2015 when the production volume increased by 156% against the previous year. The level of production peaked at $X in 2020, and then contracted markedly in the following year.

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Gold Exports

Exports in Eastern Asia

In 2021, the amount of gold exported in Eastern Asia declined significantly to X tons, falling by -22.2% on 2020 figures. Overall, exports showed a perceptible curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 50% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, gold exports fell dramatically to $X in 2021. Over the period under review, exports recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by 66% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR represented the largest exporter of gold in Eastern Asia, with the volume of exports resulting at X tons, which was approx. 68% of total exports in 2021. Japan (X tons) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by China (6.8%). The following exporters - Taiwan (Chinese) (X tons) and South Korea (X tons) - each amounted to a 3.6% share of total exports.

Exports from Hong Kong SAR decreased at an average annual rate of -5.9% from 2012 to 2021. At the same time, Japan (+2.6%) and China (+1.4%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +2.6% from 2012-2021. By contrast, Taiwan (Chinese) (-4.6%) and South Korea (-15.4%) illustrated a downward trend over the same period. While the share of Japan (+9.6 p.p.) and China (+6.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of South Korea (-3.5 p.p.) and Hong Kong SAR (-12.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X) remains the largest gold supplier in Eastern Asia, comprising 71% of total exports. The second position in the ranking was held by Japan ($X), with an 18% share of total exports. It was followed by China, with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Hong Kong SAR totaled -5.2%. In the other countries, the average annual rates were as follows: Japan (+2.2% per year) and China (+9.1% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per kg in 2021, waning by -2.9% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the export price increased by 30% 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.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in China ($X per kg) and Hong Kong SAR ($X per kg), while Japan ($X per kg) and South Korea ($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 (+7.6%), while the other leaders experienced more modest paces of growth.

Gold Imports

Imports in Eastern Asia

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. In general, imports saw a perceptible increase. The most prominent rate of growth was recorded in 2013 when imports increased by 125% against the previous year. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, gold imports skyrocketed to $X in 2021. Over the period under review, imports posted a moderate expansion. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons) and Hong Kong SAR (X tons) prevails in imports structure, together constituting 93% of total imports. The following importers - South Korea (X tons) and Taiwan (Chinese) (X tons) - each reached a 6.1% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by South Korea (with a CAGR of +5.6%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest gold importing markets in Eastern Asia were China ($X), Hong Kong SAR ($X) and South Korea ($X), with a combined 97% share of total imports.

South Korea, with a CAGR of +6.4%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per kg in 2021, increasing by 6.2% against the previous year. Import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold import price increased by +53.7% against 2015 indices. The most prominent rate of growth was recorded in 2020 when the import price increased by 24%. The level of import peaked in 2021 and is likely to see steady growth in years to come.

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

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

Source: IndexBox Platform

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