Hong Kong SAR, China: Gold Market 2024

Gold Market Size in Hong Kong SAR, China

In 2021, the Hong Kong gold market increased by 181% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption showed a significant increase. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Gold Production in Hong Kong SAR, China

In value terms, gold production dropped sharply to $X in 2021 estimated in export price. Overall, production, however, showed a buoyant increase. The pace of growth was the most pronounced in 2016 when the production volume increased by 114%. Gold production peaked at $X in 2020, and then reduced dramatically in the following year.

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Gold Exports

Exports from Hong Kong SAR, China

In 2021, approx. X tons of gold were exported from Hong Kong SAR; dropping by -26% on 2020. Over the period under review, exports continue to indicate a abrupt downturn. The growth pace was the most rapid in 2013 with an increase of 67%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, gold exports fell dramatically to $X in 2021. Overall, exports showed a abrupt curtailment. The pace of growth was the most pronounced in 2020 with an increase of 64%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for gold exports from Hong Kong SAR, with a 70% share of total exports. Moreover, gold exports to China exceeded the volume sent to the second major destination, Thailand (X tons), ninefold. The third position in this ranking was taken by Singapore (X tons), with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled -8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+13.2% per year) and Singapore (+3.9% per year).

In value terms, China ($X) emerged as the key foreign market for gold exports from Hong Kong SAR, comprising 70% of total exports. The second position in the ranking was held by Thailand ($X), with a 7.5% share of total exports. It was followed by Singapore, with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to -7.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+14.0% per year) and Singapore (+4.8% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, remaining stable against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 30% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were the UK ($X per kg) and Singapore ($X per kg), while the average price for exports to the United Arab Emirates ($X per kg) and China ($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 Arab Emirates (+1.0%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Hong Kong SAR, China

In 2021, purchases abroad of gold increased by 47% to X tons for the first time since 2013, thus ending a seven-year declining trend. In general, imports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2013 with an increase of 133%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, gold imports soared to $X in 2021. Overall, imports, however, recorded a deep slump. The pace of growth appeared the most rapid in 2013 when imports increased by 104% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates (X tons), Switzerland (X tons) and the United States (X tons) were the main suppliers of gold imports to Hong Kong SAR, together accounting for 52% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +50.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest gold suppliers to Hong Kong SAR were the United Arab Emirates ($X), Switzerland ($X) and the United States ($X), with a combined 53% share of total imports.

The United Arab Emirates, with a CAGR of +51.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, with an increase of 5% against the previous year. In general, import price indicated a modest 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 import price increased by +59.0% against 2016 indices. The most prominent rate of growth was recorded in 2020 an increase of 35%. The import price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per kg), while the price for the Philippines ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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