Philippines: Unwrought Silver Market 2024

Unwrought Silver Market Size in the Philippines

After two years of decline, the Philippine unwrought silver market increased by X% to $X in 2022. Overall, consumption, however, saw a deep downturn. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Unwrought Silver Production in the Philippines

In value terms, unwrought silver production fell to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. Unwrought silver production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Unwrought Silver Exports

Exports from the Philippines

After four years of growth, overseas shipments of silver, unwrought or in powder form decreased by X% to X tons in 2022. In general, exports, however, saw modest growth. The pace of growth was the most pronounced in 2015 with an increase of X%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, unwrought silver exports declined rapidly to $X in 2022. Over the period under review, exports recorded a noticeable slump. The most prominent rate of growth was recorded in 2015 when exports increased by X%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for unwrought silver exports from the Philippines, with a X% share of total exports. Moreover, unwrought silver exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, Thailand (X tons), fivefold. The third position in this ranking was held by Malaysia (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Taiwan (Chinese) amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (X% per year) and Malaysia (X% per year).

In value terms, the largest markets for unwrought silver exported from the Philippines were Taiwan (Chinese) ($X), Thailand ($X) and South Korea ($X), together comprising X% of total exports.

South Korea, with a CAGR of X%, 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 unwrought silver export price amounted to $X per ton, falling by X% against the previous year. Overall, the export price recorded a deep downturn. The pace of growth appeared the most rapid in 2021 an increase of X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X,200 per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

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

Unwrought Silver Imports

Imports into the Philippines

In 2022, supplies from abroad of silver, unwrought or in powder form decreased by X% to X tons, falling for the third year in a row after two years of growth. Over the period under review, imports, however, posted a significant increase. The growth pace was the most rapid in 2016 when imports increased by X%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, unwrought silver imports amounted to $X in 2022. Overall, imports, however, showed tangible growth. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X kg) were the main suppliers of unwrought silver imports to the Philippines, together accounting for X% of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), Japan ($X) and South Korea ($X) constituted the largest unwrought silver suppliers to the Philippines, together comprising X% of total imports.

Taiwan (Chinese), with a CAGR of X%, saw the highest rates of growth with regard to 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

The average unwrought silver import price stood at $X per ton in 2022, surging by X% against the previous year. In general, the import price, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2020 when the average import price increased by X%. The import price peaked at $X,520 per ton in 2012; however, from 2013 to 2022, 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) ($X,193 per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, 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 mixed trend patterns.

Source: IndexBox Platform

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