South-Eastern Asia: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in South-Eastern Asia

The Southeast Asian semi-manufactured gold market reduced notably to $X in 2022, falling by -18.6% against the previous year. Overall, consumption, however, recorded a resilient expansion. As a result, consumption attained the peak level of $X, and then fell markedly in the following year.

Semi-Manufactured Gold Production in South-Eastern Asia

In value terms, semi-manufactured gold production dropped to $X in 2022 estimated in export price. In general, production showed a buoyant increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 148% against the previous year. The level of production peaked at $X in 2021, and then reduced in the following year.

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Semi-Manufactured Gold Exports

Exports in South-Eastern Asia

Semi-manufactured gold exports amounted to X tons in 2022, growing by 11% compared with the previous year's figure. Overall, exports posted a prominent expansion. The pace of growth was the most pronounced in 2015 with an increase of 187%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, semi-manufactured gold exports declined to $X in 2022. Over the period under review, exports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 623% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Singapore (X tons) was the main exporter of gold, in semi-manufactured forms, making up 67% of total exports. The Philippines (X tons) held the second position in the ranking, distantly followed by Lao People's Democratic Republic (X tons). All these countries together held near 29% share of total exports. Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to semi-manufactured gold exports from Singapore stood at +14.9%. At the same time, Indonesia (+29.9%), Lao People's Democratic Republic (+14.3%) and the Philippines (+6.7%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +29.9% from 2012-2022. Singapore (+29 p.p.), Indonesia (+2.8 p.p.) and Lao People's Democratic Republic (+2 p.p.) significantly strengthened its position in terms of the total exports, while the Philippines saw its share reduced by -4.7% from 2012 to 2022, respectively.

In value terms, Singapore ($X) remains the largest semi-manufactured gold supplier in South-Eastern Asia, comprising 86% of total exports. The second position in the ranking was held by Indonesia ($X), with a 4.9% share of total exports. It was followed by the Philippines, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value in Singapore amounted to +24.2%. In the other countries, the average annual rates were as follows: Indonesia (+30.4% per year) and the Philippines (+4.9% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per kg, shrinking by -10.2% against the previous year. Overall, the export price, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2015 an increase of 152% against the previous year. Over the period under review, the export prices attained the peak figure at $X per kg in 2021, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per kg), while the Philippines ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.0%), while the other leaders experienced mixed trends in the export price figures.

Semi-Manufactured Gold Imports

Imports in South-Eastern Asia

After two years of growth, overseas purchases of gold, in semi-manufactured forms decreased by -1.4% to X tons in 2022. In general, imports, however, showed a resilient increase. The growth pace was the most rapid in 2015 when imports increased by 653%. Over the period under review, imports hit record highs at X tons in 2021, and then fell slightly in the following year.

In value terms, semi-manufactured gold imports contracted slightly to $X in 2022. Over the period under review, imports, however, recorded significant growth. The pace of growth was the most pronounced in 2015 with an increase of 778% against the previous year. The level of import peaked at $X in 2021, and then reduced modestly in the following year.

Imports by Country

Singapore represented the major importing country with an import of about X tons, which amounted to 72% of total imports. Cambodia (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (9.2%). The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to semi-manufactured gold imports into Singapore stood at +26.7%. At the same time, Cambodia (+43.2%) and Malaysia (+4.2%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +43.2% from 2012-2022. By contrast, the Philippines (-3.8%) illustrated a downward trend over the same period. While the share of Singapore (+41 p.p.) and Cambodia (+12 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Philippines (-17.5 p.p.) and Malaysia (-19.1 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) constitutes the largest market for imported gold, in semi-manufactured forms in South-Eastern Asia, comprising 74% of total imports. The second position in the ranking was taken by Cambodia ($X), with a 15% share of total imports. It was followed by Malaysia, with a 9.6% share.

In Singapore, semi-manufactured gold imports expanded at an average annual rate of +29.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cambodia (+53.9% per year) and Malaysia (+8.4% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per kg, almost unchanged from the previous year. Import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, semi-manufactured gold import price increased by +79.4% against 2014 indices. The most prominent rate of growth was recorded in 2020 when the import price increased by 28% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cambodia ($X per kg), while the Philippines ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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