Philippines: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in the Philippines

In 2022, the Philippine semi-manufactured gold market decreased by -40.3% to $X, falling for the second consecutive year after three years of growth. Overall, consumption showed a pronounced setback. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Semi-Manufactured Gold Production in the Philippines

In value terms, semi-manufactured gold production rose slightly to $X in 2022 estimated in export price. In general, the total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.9% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 40% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

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Semi-Manufactured Gold Exports

Exports from the Philippines

In 2022, shipments abroad of gold, in semi-manufactured forms increased by 67% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 122%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, semi-manufactured gold exports skyrocketed to $X in 2022. Overall, exports continue to indicate a notable increase. The most prominent rate of growth was recorded in 2021 when exports increased by 108% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Switzerland (X tons), China (X tons) and Australia (X tons) were the main destinations of semi-manufactured gold exports from the Philippines, together comprising 65% of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +91.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), Hong Kong SAR ($X) and India ($X) were the largest markets for semi-manufactured gold exported from the Philippines worldwide, with a combined 88% share of total exports.

India, with a CAGR of +173.6%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average semi-manufactured gold export price amounted to $X per kg, falling by -19.4% against the previous year. Overall, the export price continues to indicate a mild curtailment. The pace of growth appeared the most rapid in 2016 when the average export price increased by 109%. The export price peaked at $X per kg in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per kg), while the average price for exports to China ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+51.2%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into the Philippines

After two years of growth, purchases abroad of gold, in semi-manufactured forms decreased by -7.8% to X tons in 2022. In general, imports continue to indicate a pronounced shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 69%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, semi-manufactured gold imports stood at $X in 2022. Over the period under review, imports saw a deep reduction. The pace of growth appeared the most rapid in 2014 with an increase of 58%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Singapore (X tons) constituted the largest semi-manufactured gold supplier to the Philippines, with a 83% share of total imports. Moreover, semi-manufactured gold imports from Singapore exceeded the figures recorded by the second-largest supplier, South Korea (X kg), more than tenfold. The third position in this ranking was held by China (X kg), with a 4.8% share.

From 2012 to 2022, the average annual growth rate of volume from Singapore totaled +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-14.1% per year) and China (+9.4% per year).

In value terms, Singapore ($X) constituted the largest supplier of gold, in semi-manufactured forms to the Philippines, comprising 84% of total imports. The second position in the ranking was held by South Korea ($X), with a 9.4% share of total imports. It was followed by China, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value from Singapore was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-21.2% per year) and China (+10.1% per year).

Import Prices by Country

In 2022, the average semi-manufactured gold import price amounted to $X per kg, with an increase of 9.6% against the previous year. Overall, the import price, however, showed a deep contraction. The pace of growth was the most pronounced in 2013 an increase of 57% against the previous year. As a result, import price reached the peak level of $X per kg. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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