Republic of Korea: Gold Market 2022

Gold Market Size in Republic of Korea

The South Korean gold market fell to $X in 2021, shrinking by -X% against the previous year. Over the period under review, consumption recorded a strong increase. Gold consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Gold Production in Republic of Korea

In value terms, gold production contracted remarkably to $X in 2021 estimated in export price. In general, production showed a deep reduction. The most prominent rate of growth was recorded in 2020 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Gold Exports

Exports from Republic of Korea

In 2021, after three years of growth, there was significant decline in shipments abroad of gold, when their volume decreased by -X% to X tons. Overall, exports recorded a abrupt decline. The growth pace was the most rapid in 2019 when exports increased by X%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, gold exports fell rapidly to $X in 2021. In general, exports continue to indicate a abrupt slump. The growth pace was the most rapid in 2020 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X tons) was the main destination for gold exports from South Korea, with a X% share of total exports. Moreover, gold exports to Hong Kong SAR exceeded the volume sent to the second major destination, Singapore (X tons), twofold. The third position in this ranking was taken by Vietnam (X tons), with a X% share.

From 2012 to 2021, the average annual growth rate of volume to Hong Kong SAR stood at -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-X% per year) and Vietnam (+X% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for gold exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Singapore ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR totaled -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-X% per year) and China (-X% per year).

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, reducing by -X% against the previous year. Over the period under review, the export price saw a mild decline. The pace of growth was the most pronounced in 2020 an increase of X%. As a result, the export price attained the peak level of $X per kg, and then contracted in the following year.

Prices varied noticeably country of destination: the country with the highest price was Taiwan (Chinese) ($X per kg), while the average price for exports to Vietnam ($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 the Philippines (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Republic of Korea

After three years of decline, overseas purchases of gold increased by X% to X tons in 2021. Overall, imports, however, recorded a pronounced decline. The most prominent rate of growth was recorded in 2017 when imports increased by X%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, gold imports shrank to $X in 2021. In general, imports, however, showed a deep reduction. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Japan (X tons), Switzerland (X tons) and Hong Kong SAR (X tons) were the main suppliers of gold imports to South Korea, with a combined X% share of total imports. Australia, China, Canada, Germany and Swaziland lagged somewhat behind, together accounting for a further X 2012 to 2021, the biggest increases were in Canada (with a CAGR of +X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Hong Kong SAR ($X) and Australia ($X) were the largest gold suppliers to South Korea, with a combined X% share of total imports. Switzerland, Canada, China, Swaziland and Germany lagged somewhat behind, together accounting for a further X terms of the main suppliers, Canada, 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 2021, the average gold import price amounted to $X per kg, dropping by -X% against the previous year. In general, the import price showed a slight contraction. The most prominent rate of growth was recorded in 2020 when the average import price increased by X% against the previous year. The import price peaked at $X per kg in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

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

Source: IndexBox Market Intelligence Platform

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