Republic of Korea: Platinum Market 2022

Platinum Market Size in Republic of Korea

The South Korean platinum market was finally on the rise to reach $X in 2021, after seven years of decline. Overall, consumption, however, continues to indicate a abrupt downturn. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Platinum Production in Republic of Korea

In value terms, platinum production totaled $X in 2021 estimated in export price. Overall, production, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2013 when the production volume increased by 9% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Platinum Exports

Exports from Republic of Korea

In 2021, shipments abroad of platinum was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports saw a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, platinum exports surged to $X in 2021. Overall, exports saw a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X tons), Hong Kong SAR (X tons) and Japan (X kg) were the main destinations of platinum exports from South Korea, with a combined 75% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +110.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for platinum exported from South Korea were Hong Kong SAR ($X), the UK ($X) and Japan ($X), together comprising 78% of total exports. These countries were followed by the United States, Taiwan (Chinese), Switzerland and Singapore, which together accounted for a further 20%.

Singapore, with a CAGR of +113.0%, 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 platinum export price stood at $X per kg in 2021, reducing by -42.9% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 131% against the previous year. As a result, the export price reached the peak level of $X per kg. From 2014 to 2021, the the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the UK ($X per kg), while the average price for exports to Singapore ($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 United States (+16.0%), while the prices for the other major destinations experienced mixed trend patterns.

Platinum Imports

Imports into Republic of Korea

In 2021, imports of platinum into South Korea rose remarkably to X tons, growing by 12% against the previous year's figure. Over the period under review, total imports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +89.7% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 34% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, platinum imports skyrocketed to $X in 2021. Overall, imports recorded a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the UK (X tons) constituted the largest platinum supplier to South Korea, with a 44% share of total imports. Moreover, platinum imports from the UK exceeded the figures recorded by the second-largest supplier, Belgium (X kg), threefold. The third position in this ranking was held by the United States (X kg), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from the UK amounted to +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+68.7% per year) and the United States (+3.9% per year).

In value terms, the UK ($X) constituted the largest supplier of platinum to South Korea, comprising 51% of total imports. The second position in the ranking was held by Belgium ($X), with a 15% share of total imports. It was followed by Norway, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the UK stood at +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+60.8% per year) and Norway (+17.6% per year).

Import Prices by Country

The average platinum import price stood at $X per kg in 2021, with an increase of 50% against the previous year. Overall, the import price, however, showed a noticeable setback. Over the period under review, average import prices attained the peak figure at $X per kg in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per kg), while the price for the United States ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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