South Africa: Gold Market 2022

Gold Market Size in South Africa

In 2021, the South African gold market decreased by -X% to $X, falling for the second consecutive year after eight years of growth. In general, consumption, however, continues to indicate a significant expansion. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Gold Production in South Africa

In value terms, gold production shrank slightly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a abrupt descent. The growth pace was the most rapid in 2020 when the production volume increased by X%. Gold production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Gold Exports

Exports from South Africa

In 2021, shipments abroad of gold increased by X% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports recorded notable growth. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, gold exports fell to $X in 2021. Over the period under review, exports showed tangible growth. The pace of growth appeared the most rapid in 2016 when exports increased by X%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons), India (X tons) and Switzerland (X tons) were the main destinations of gold exports from South Africa, with a combined X% share of total exports. The UK, the United States, Hong Kong SAR and Italy lagged somewhat behind, together comprising 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 the United States (with a CAGR of +X%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Switzerland ($X) constituted the largest markets for gold exported from South Africa worldwide, with a combined X% share of total exports. These countries were followed by the UK, the United States, Hong Kong SAR and Italy, which together accounted for a further X United States, with a CAGR of +X%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2021, the average gold export price amounted to $X per kg, dropping by -X% against the previous year. Overall, the export price continues to indicate a mild slump. The growth pace was the most rapid in 2020 an increase of X% against the previous year. The export price peaked at $X per kg in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, the countries with the highest prices were the UK ($X per kg) and the United States ($X per kg), while the average price for exports to China ($X per kg) and Italy ($X per kg) were 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 a decline.

Gold Imports

Imports into South Africa

In 2021, the amount of gold imported into South Africa soared to X tons, growing by X% compared with the previous year. Over the period under review, imports, however, showed a abrupt shrinkage. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, gold imports soared to $X in 2021. Overall, imports, however, continue to indicate a slight descent. Imports peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Tanzania (X tons) was the main supplier of gold to South Africa, accounting for a approx. X% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from Tanzania stood at +X%.

In value terms, Tanzania ($X) constituted the largest supplier of gold to South Africa.

From 2012 to 2021, the average annual rate of growth in terms of value from Tanzania totaled +X%.

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, remaining constant against the previous year. In general, import price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +X% over the last nine-year period. 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 2012 indices. The pace of growth was the most pronounced in 2016 when the average import price increased by X%. The import price peaked at $X per kg in 2020, and then reduced in the following year.

As there is only one major supplying country, the average price level is determined by prices for Tanzania.

From 2012 to 2021, the rate of growth in terms of prices for Tanzania amounted to +X% per year.

Source: IndexBox Market Intelligence Platform

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