Latin America and the Caribbean: Platinum Market 2022

Platinum Market Size in Latin America and the Caribbean

In 2021, the Latin American platinum market increased by 12% to $X for the first time since 2012, thus ending a eight-year declining trend. In general, consumption, however, recorded a abrupt slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Platinum Production in Latin America and the Caribbean

In value terms, platinum production rose markedly to $X in 2021 estimated in export price. Overall, production, however, showed a abrupt contraction. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Platinum Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of platinum were exported in Latin America and the Caribbean; remaining stable against the year before. In general, exports, however, showed a perceptible descent. The growth pace was the most rapid in 2019 with an increase of 121%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, platinum exports surged to $X in 2021. Over the period under review, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 49% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the immediate term.

Exports by Country

Brazil was the largest exporter of platinum in Latin America and the Caribbean, with the volume of exports recording X tons, which was near 46% of total exports in 2021. It was distantly followed by Costa Rica (X tons), Nicaragua (X tons), the Dominican Republic (X tons) and Colombia (X tons), together making up a 51% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to platinum exports from Brazil stood at -8.5%. At the same time, the Dominican Republic (+65.1%), Costa Rica (+53.0%) and Nicaragua (+10.3%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +65.1% from 2012-2021. By contrast, Colombia (-8.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Costa Rica, Nicaragua and the Dominican Republic increased by +21, +13 and +5.4 percentage points, respectively.

In value terms, the Dominican Republic ($X), Brazil ($X) and Costa Rica ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 77% of total exports.

Among the main exporting countries, the Dominican Republic, with a CAGR of +109.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per kg in 2021, picking up by 18% against the previous year. Export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, platinum export price increased by +40.5% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by 30%. The level of export peaked at $X per kg in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the Dominican Republic ($X per kg), while Nicaragua ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nicaragua (+28.7%), while the other leaders experienced more modest paces of growth.

Platinum Imports

Imports in Latin America and the Caribbean

In 2021, purchases abroad of platinum decreased by -7.5% to X tons, falling for the second year in a row after two years of growth. Total imports indicated a temperate increase from 2012 to 2021: its volume increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -8.1% against 2019 indices. The growth pace was the most rapid in 2018 when imports increased by 54%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, platinum imports shrank to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 58%. The level of import peaked at $X in 2020, and then reduced in the following year.

Imports by Country

In 2021, the Dominican Republic (X tons), distantly followed by Brazil (X kg), Argentina (X kg), Trinidad and Tobago (X kg), Mexico (X kg) and Chile (X kg) were the largest importers of platinum, together generating 95% of total imports. Colombia (X kg) took a minor 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 the Dominican Republic (with a CAGR of +63.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest platinum importing markets in Latin America and the Caribbean were the Dominican Republic ($X), Brazil ($X) and Argentina ($X), together comprising 72% of total imports.

The Dominican Republic, with a CAGR of +61.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per kg in 2021, surging by 6.8% against the previous year. Over the period under review, the import price, however, showed a slight slump. The growth pace was the most rapid in 2017 an increase of 29% against the previous year. Over the period under review, import prices hit record highs at $X per kg in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Colombia ($X per kg), while Trinidad and Tobago ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+10.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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