Philippines: Colloidal Precious Metals Market 2024

Colloidal Precious Metals Market Size in the Philippines

The Philippine colloidal precious metals market fell sharply to $X in 2023, with a decrease of X% against the previous year. In general, consumption, however, continues to indicate a prominent expansion. As a result, consumption reached the peak level of $X, and then dropped markedly in the following year.

Colloidal Precious Metals Production in the Philippines

In value terms, colloidal precious metals production shrank notably to $X in 2023 estimated in export price. Overall, production, however, recorded a tangible increase. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2023, production growth remained at a lower figure.

Colloidal Precious Metals Exports

Exports from the Philippines

For the third year in a row, the Philippines recorded decline in shipments abroad of colloidal precious metals, compounds and amalgams of precious metals (excluding silver nitrate), which decreased by X% to X kg in 2023. In general, exports saw a significant decline. The pace of growth was the most pronounced in 2017 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2018 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, colloidal precious metals exports reduced rapidly to $X in 2023. Overall, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2022, and then plummeted in the following year.

Exports by Country

Taiwan (Chinese) (X kg) was the main destination for colloidal precious metals exports from the Philippines, with a approx. X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of volume to Taiwan (Chinese) amounted to X%.

In value terms, Taiwan (Chinese) ($X) also remains the key foreign market for colloidal precious metals, compounds and amalgams of precious metals (excluding silver nitrate) exports from the Philippines.

From 2012 to 2023, the average annual rate of growth in terms of value to Taiwan (Chinese) totaled X%.

Export Prices by Country

In 2023, the average colloidal precious metals export price amounted to $X per kg, growing by X% against the previous year. In general, the export price recorded significant growth. The pace of growth appeared the most rapid in 2022 an increase of X%. Over the period under review, the average export prices reached the maximum in 2023 and is expected to retain growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Taiwan (Chinese).

From 2012 to 2023, the rate of growth in terms of prices for Taiwan (Chinese) amounted to X% per year.

Colloidal Precious Metals Imports

Imports into the Philippines

In 2023, purchases abroad of colloidal precious metals, compounds and amalgams of precious metals (excluding silver nitrate) increased by X% to X tons, rising for the fourth consecutive year after four years of decline. In general, imports saw a prominent expansion. The growth pace was the most rapid in 2015 when imports increased by X%. As a result, imports attained the peak of X tons. From 2016 to 2023, the growth of imports failed to regain momentum.

In value terms, colloidal precious metals imports declined rapidly to $X in 2023. Overall, imports posted temperate growth. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2021; however, from 2022 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, South Korea (X tons) constituted the largest supplier of colloidal precious metals to the Philippines, accounting for a X% share of total imports. Moreover, colloidal precious metals imports from South Korea exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from South Korea amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, the largest colloidal precious metals suppliers to the Philippines were Taiwan (Chinese) ($X), Japan ($X) and South Korea ($X), with a combined X% share of total imports.

Among the main suppliers, Taiwan (Chinese), with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average colloidal precious metals import price amounted to $X per ton, shrinking by X% against the previous year. Overall, the import price recorded a pronounced slump. The most prominent rate of growth was recorded in 2019 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X,965 per ton in 2021; however, from 2022 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X,556 per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform