Singapore: Platinum Market 2022

Platinum Market Size in Singapore

The Singaporean platinum market dropped notably to $X in 2021, which is down by -63.6% against the previous year. In general, consumption faced a deep setback. The pace of growth appeared the most rapid in 2018 when the market value increased by 9.7% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Platinum Production in Singapore

In value terms, platinum production declined to $X in 2021 estimated in export price. Overall, production continues to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2019 with an increase of 16%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Platinum Exports

Exports from Singapore

In 2021, the amount of platinum exported from Singapore soared to X tons, surging by 131% compared with the previous year's figure. Over the period under review, exports showed significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, platinum exports surged to $X in 2021. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 118%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

Japan (X tons) was the main destination for platinum exports from Singapore, with a 86% share of total exports. Moreover, platinum exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 2.3% share.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to +27.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+62.5% per year) and Hong Kong SAR (+25.3% per year).

In value terms, Japan ($X), the United States ($X) and Switzerland ($X) were the largest markets for platinum exported from Singapore worldwide, together accounting for 87% of total exports.

In terms of the main countries of destination, Switzerland, with a CAGR of +83.8%, 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

In 2021, the average platinum export price amounted to $X per kg, which is down by -50.2% against the previous year. Overall, the export price showed a pronounced setback. The most prominent rate of growth was recorded in 2018 an increase of 49% against the previous year. The export price peaked at $X per kg in 2020, and then dropped significantly in the following year.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per kg), while the average price for exports to Hong Kong SAR ($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 Germany (+0.7%), while the prices for the other major destinations experienced a decline.

Platinum Imports

Imports into Singapore

In 2021, supplies from abroad of platinum increased by 13% to X tons, rising for the fourth year in a row after two years of decline. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 50%. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, platinum imports skyrocketed to $X in 2021. In general, imports recorded a tangible expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X tons) constituted the largest platinum supplier to Singapore, with a 64% share of total imports. Moreover, platinum imports from Japan exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was taken by Germany (X kg), with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume from Japan stood at +1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+41.9% per year) and Germany (+67.0% per year).

In value terms, Japan ($X), the United States ($X) and Germany ($X) were the largest platinum suppliers to Singapore, together comprising 83% of total imports. These countries were followed by Switzerland, Taiwan (Chinese), South Korea, Russia and the UK, which together accounted for a further 16%.

In terms of the main suppliers, Switzerland, with a CAGR of +158.9%, saw the highest growth rate of 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

The average platinum import price stood at $X per kg in 2021, with an increase of 60% against the previous year. In general, the import price recorded a perceptible expansion. The most prominent rate of growth was recorded in 2014 an increase of 92%. Over the period under review, average import prices reached the maximum at $X per kg in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+28.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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