Eastern Asia: Platinum Market 2022

Platinum Market Size in Eastern Asia

In 2021, the East Asian platinum market was finally on the rise to reach $X for the first time since 2013, thus ending a seven-year declining trend. Overall, consumption, however, continues to indicate a abrupt slump. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Platinum Production in Eastern Asia

In value terms, platinum production reached $X in 2021 estimated in export price. Over the period under review, production, however, saw a abrupt descent. The pace of growth was the most pronounced in 2013 when the production volume increased by 6.8%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Platinum Exports

Exports in Eastern Asia

Platinum exports rose slightly to X tons in 2021, increasing by 4.9% compared with 2020. Total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +34.8% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 29% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in the immediate term.

In value terms, platinum exports skyrocketed to $X in 2021. Total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +79.1% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 37% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Hong Kong SAR represented the largest exporter of platinum in Eastern Asia, with the volume of exports resulting at X tons, which was near 54% of total exports in 2021. Japan (X tons) took a 31% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (7.5%) and Taiwan (Chinese) (7.2%).

From 2012 to 2021, the biggest increases were in Hong Kong SAR (with a CAGR of +15.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the largest platinum supplier in Eastern Asia, comprising 60% of total exports. The second position in the ranking was taken by Japan ($X), with a 27% share of total exports. It was followed by South Korea, with a 6.5% share.

From 2012 to 2021, the average annual growth rate of value in Hong Kong SAR stood at +10.9%. In the other countries, the average annual rates were as follows: Japan (-1.6% per year) and South Korea (+8.2% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per kg in 2021, with an increase of 25% against the previous year. Over the period under review, the export price, however, recorded a pronounced decline. The level of export peaked at $X per kg in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.6%), while the other leaders experienced a decline in the export price figures.

Platinum Imports

Imports in Eastern Asia

In 2021, approx. X tons of platinum were imported in Eastern Asia; increasing by 21% on 2020. The total import volume increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 26% against the previous year. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, platinum imports skyrocketed to $X in 2021. In general, imports, however, showed a mild descent. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

China represented the key importing country with an import of around X tons, which reached 52% of total imports. It was distantly followed by Hong Kong SAR (X tons) and Japan (X tons), together constituting a 44% share of total imports. South Korea (X tons) and Taiwan (Chinese) (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to platinum imports into China stood at +2.9%. At the same time, Hong Kong SAR (+4.0%) and South Korea (+2.6%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +4.0% from 2012-2021. By contrast, Japan (-4.2%) and Taiwan (Chinese) (-7.2%) illustrated a downward trend over the same period. While the share of China (+7.6 p.p.) and Hong Kong SAR (+5.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Taiwan (Chinese) (-2.2 p.p.) and Japan (-11.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported platinum in Eastern Asia, comprising 52% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 25% share of total imports. It was followed by Japan, with an 18% share.

In China, platinum imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (+0.2% per year) and Japan (-6.5% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per kg in 2021, surging by 28% against the previous year. In general, the import price, however, recorded a perceptible decrease. Over the period under review, import prices hit record highs at $X per kg in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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