Philippines: Gold Market 2022

Gold Market Size in the Philippines

The Philippine gold market declined slightly to $X in 2021, reducing by -X% against the previous year. Over the period under review, consumption continues to indicate a slight contraction. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Gold Production in the Philippines

In value terms, gold production fell remarkably to $X in 2021 estimated in export price. Over the period under review, production showed a perceptible slump. The growth pace was the most rapid in 2020 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Gold Exports

Exports from the Philippines

In 2021, overseas shipments of gold decreased by -X% to X tons, falling for the second consecutive year after two years of growth. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, gold exports fell remarkably to $X in 2021. In general, exports showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Switzerland (X tons), Hong Kong SAR (X tons) and China (X tons) were the main destinations of gold exports from the Philippines, together comprising X% of total exports.

From 2012 to 2021, the biggest increases were in China (with a CAGR of +X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for gold exported from the Philippines were Switzerland ($X), Hong Kong SAR ($X) and India ($X), together accounting for X% of total exports. These countries were followed by Australia, Taiwan (Chinese) and China, which together accounted for a further X, with a CAGR of +X%, recorded the highest rates of growth with regard to 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

The average gold export price stood at $X per kg in 2021, with an increase of X% against the previous year. In general, the export price, however, showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2020 when the average export price increased by X%. The export price peaked at $X per kg in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: 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 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+X%), while the prices for the other major destinations experienced a decline.

Gold Imports

Imports into the Philippines

Gold imports into the Philippines declined to X tons in 2021, which is down by -X% against the previous year. Over the period under review, imports saw a noticeable decrease. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, gold imports fell dramatically to $X in 2021. In general, imports saw a drastic downturn. The growth pace was the most rapid in 2020 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Singapore (X tons) constituted the largest gold supplier to the Philippines, with a X% share of total imports. Moreover, gold imports from Singapore exceeded the figures recorded by the second-largest supplier, Japan (X kg), more than tenfold. The United States (X kg) ranked third in terms of total imports with a X% share.

From 2012 to 2021, the average annual growth rate of volume from Singapore totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-X% per year) and the United States (+X% per year).

In value terms, Singapore ($X) constituted the largest supplier of gold to the Philippines, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-X% per year) and South Korea (-X% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, dropping by -X% against the previous year. Overall, the import price continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per kg in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per kg), while the price for the United States ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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