Singapore: Gold Market 2022

Gold Market Size in Singapore

In 2021, the Singaporean gold market decreased by -X% to $X for the first time since 2011, thus ending a nine-year rising trend. Over the period under review, consumption, however, saw significant growth. Over the period under review, the market attained the peak level at $X in 2020, and then reduced rapidly in the following year.

Gold Production in Singapore

In value terms, gold production soared to $X in 2021 estimated in export price. Over the period under review, production showed a buoyant increase. Gold production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Gold Exports

Exports from Singapore

In 2021, overseas shipments of gold increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports showed resilient growth. The most prominent rate of growth was recorded in 2015 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, gold exports rose markedly to $X in 2021. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2015 when exports increased by X%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Cambodia (X tons), Malaysia (X tons) and China (X tons) were the main destinations of gold exports from Singapore, with a combined X% share of total exports. These countries were followed by Thailand, Hong Kong SAR, the Philippines, Switzerland, Indonesia, India and Taiwan (Chinese), which together accounted for a further X 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for gold exported from Singapore were Malaysia ($X), China ($X) and Cambodia ($X), with a combined X% share of total exports. These countries were followed by Thailand, Hong Kong SAR, Switzerland, Indonesia, India, Taiwan (Chinese) and the Philippines, which together accounted for a further X the main countries of destination, India, with a CAGR of +X%, saw 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 gold export price stood at $X per kg in 2021, flattening at the previous year. In general, the export price enjoyed a strong increase. The growth pace was the most rapid in 2014 when the average export price increased by X%. The export price peaked in 2021 and is likely to see steady growth in the near future.

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

Gold Imports

Imports into Singapore

Gold imports into Singapore dropped to X tons in 2021, shrinking by -X% against the year before. In general, imports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, gold imports contracted modestly to $X in 2021. Overall, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020, and then declined modestly in the following year.

Imports by Country

Thailand (X tons), Switzerland (X tons) and Australia (X tons) were the main suppliers of gold imports to Singapore, with a combined X% share of total imports.

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

In value terms, the largest gold suppliers to Singapore were Thailand ($X), Switzerland ($X) and Australia ($X), with a combined X% share of total imports.

Among the main suppliers, Thailand, with a CAGR of +X%, saw 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, with an increase of X% against the previous year. Overall, import price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold import price increased by +X% against 2014 indices. The most prominent rate of growth was recorded in 2015 when the average import price increased by X%. The import price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Switzerland ($X per kg) and Hong Kong SAR ($X per kg), while the price for South Korea ($X per kg) and Australia ($X per kg) were amongst the lowest.

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

Source: IndexBox Market Intelligence Platform

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