Republic of Korea: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Republic of Korea

In 2022, after three years of growth, there was significant decline in the South Korean semi-manufactured gold market, when its value decreased by -46.2% to $X. In general, consumption, however, showed a strong increase. As a result, consumption reached the peak level of $X, and then dropped markedly in the following year.

Semi-Manufactured Gold Production in Republic of Korea

In value terms, semi-manufactured gold production soared to $X in 2022 estimated in export price. Over the period under review, production showed a strong expansion. The pace of growth appeared the most rapid in 2020 when the production volume increased by 114% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

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Semi-Manufactured Gold Exports

Exports from Republic of Korea

Semi-manufactured gold exports from South Korea fell dramatically to X tons in 2022, waning by -19.9% compared with the year before. In general, exports continue to indicate a noticeable decrease. The pace of growth appeared the most rapid in 2020 with an increase of 91%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, semi-manufactured gold exports dropped sharply to $X in 2022. Over the period under review, exports recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 200%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons), Taiwan (Chinese) (X tons) and the Philippines (X tons) were the main destinations of semi-manufactured gold exports from South Korea, with a combined 68% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +48.1%), while the other leaders experienced mixed trend patterns.

In value terms, Taiwan (Chinese) ($X), the Philippines ($X) and China ($X) constituted the largest markets for semi-manufactured gold exported from South Korea worldwide, together accounting for 63% of total exports. Hong Kong SAR, Thailand, Vietnam, Japan and Singapore lagged somewhat behind, together comprising a further 33%.

In terms of the main countries of destination, Vietnam, with a CAGR of +39.5%, recorded 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 average semi-manufactured gold export price stood at $X per kg in 2022, which is down by -11% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by 57% against the previous year. The export price peaked at $X per kg in 2021, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per kg), while the average price for exports to Vietnam ($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 Singapore (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into Republic of Korea

Semi-manufactured gold imports into South Korea declined rapidly to X tons in 2022, falling by -82.4% against the year before. Over the period under review, imports recorded a deep downturn. The growth pace was the most rapid in 2017 with an increase of 215%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, semi-manufactured gold imports contracted remarkably to $X in 2022. Overall, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2021 when imports increased by 329% against the previous year. As a result, imports attained the peak of $X, and then reduced remarkably in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of semi-manufactured gold to South Korea, accounting for a 55% share of total imports. Moreover, semi-manufactured gold imports from China exceeded the figures recorded by the second-largest supplier, Japan (X kg), fourfold. The third position in this ranking was held by Australia (X kg), with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-0.9% per year) and Australia (+67.6% per year).

In value terms, China ($X) constituted the largest supplier of gold, in semi-manufactured forms to South Korea, comprising 41% of total imports. The second position in the ranking was taken by Japan ($X), with a 19% share of total imports. It was followed by Australia, with an 18% share.

From 2012 to 2022, the average annual growth rate of value from China totaled -2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+1.5% per year) and Australia (+88.3% per year).

Import Prices by Country

The average semi-manufactured gold import price stood at $X per kg in 2022, waning by -42.2% against the previous year. Over the period under review, the import price showed a pronounced curtailment. The pace of growth was the most pronounced in 2021 when the average import price increased by 38% against the previous year. As a result, import price attained the peak level of $X per kg, and then fell remarkably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per kg), while the price for the United States ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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