Hong Kong SAR, China: Platinum Market 2022

Platinum Market Size in Hong Kong SAR, China

After eight years of decline, the Hong Kong platinum market increased by 23% to $X in 2021. Over the period under review, consumption, however, showed a abrupt setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Platinum Production in Hong Kong SAR, China

In value terms, platinum production expanded modestly to $X in 2021 estimated in export price. In general, production, however, faced a drastic downturn. Platinum production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Platinum Exports

Exports from Hong Kong SAR, China

Platinum exports from Hong Kong SAR soared to X tons in 2021, rising by 19% compared with the previous year's figure. Overall, exports enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 65% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, platinum exports skyrocketed to $X in 2021. In general, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2020 when exports increased by 66% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for platinum exports from Hong Kong SAR, with a 85% share of total exports. Moreover, platinum exports to China exceeded the volume sent to the second major destination, Switzerland (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume to China stood at +13.7%.

In value terms, China ($X) remains the key foreign market for platinum exports from Hong Kong SAR, comprising 85% of total exports. The second position in the ranking was taken by Switzerland ($X), with a 14% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China stood at +9.5%.

Export Prices by Country

The average platinum export price stood at $X per kg in 2021, with an increase of 28% against the previous year. Overall, the export price, however, showed a noticeable shrinkage. The export price peaked at $X per kg in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, the country with the highest price was Switzerland ($X per kg), while the average price for exports to China stood at $X per kg.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+4.5%).

Platinum Imports

Imports into Hong Kong SAR, China

In 2021, the amount of platinum imported into Hong Kong SAR surged to X tons, rising by 21% on the year before. The total import volume increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 33% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, platinum imports surged to $X in 2021. In general, imports saw a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

South Africa (X tons), the UK (X tons) and Switzerland (X tons) were the main suppliers of platinum imports to Hong Kong SAR, with a combined 78% share of total imports. Japan, South Korea, the United States and Russia lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +120.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest platinum suppliers to Hong Kong SAR were South Africa ($X), the UK ($X) and Japan ($X), with a combined 79% share of total imports. Switzerland, South Korea, the United States and Russia lagged somewhat behind, together accounting for a further 20%.

Russia, with a CAGR of +142.2%, 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 platinum import price amounted to $X per kg, jumping by 24% against the previous year. Over the period under review, the import price, however, showed a noticeable decrease. Over the period under review, average import prices attained the maximum at $X per kg in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were South Africa ($X per kg) and Russia ($X per kg), while the price for Switzerland ($X per kg) and the United States ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+11.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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