South-Eastern Asia: Gold Market 2024

Gold Market Size in South-Eastern Asia

In 2021, the Southeast Asian gold market was finally on the rise to reach $X after two years of decline. In general, consumption posted noticeable growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Gold Production in South-Eastern Asia

In value terms, gold production expanded notably to $X in 2021 estimated in export price. The total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.5% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 97%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

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Gold Exports

Exports in South-Eastern Asia

In 2021, shipments abroad of gold decreased by -34.5% to X tons for the first time since 2018, thus ending a two-year rising trend. Total exports indicated a modest expansion from 2012 to 2021: its volume increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 42%. The volume of export peaked at X tons in 2020, and then contracted rapidly in the following year.

In value terms, gold exports dropped dramatically to $X in 2021. Overall, exports, however, continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2015 when exports increased by 209%. The level of export peaked at $X in 2020, and then declined sharply in the following year.

Exports by Country

Singapore represented the major exporter of gold in South-Eastern Asia, with the volume of exports accounting for X tons, which was approx. 59% of total exports in 2021. The Philippines (X tons) ranks second in terms of the total exports with a 17% share, followed by Thailand (14%) and Indonesia (5.3%). Lao People's Democratic Republic (X tons) took a minor share of total exports.

Singapore was also the fastest-growing in terms of the gold exports, with a CAGR of +14.9% from 2012 to 2021. At the same time, Lao People's Democratic Republic (+12.0%) displayed positive paces of growth. The Philippines experienced a relatively flat trend pattern. By contrast, Indonesia (-4.9%) and Thailand (-10.9%) illustrated a downward trend over the same period. While the share of Singapore (+39 p.p.) and Lao People's Democratic Republic (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the Philippines (-2 p.p.), Indonesia (-4.6 p.p.) and Thailand (-33.1 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) remains the largest gold supplier in South-Eastern Asia, comprising 68% of total exports. The second position in the ranking was taken by Thailand ($X), with a 17% share of total exports. It was followed by Indonesia, with a 6.9% share.

From 2012 to 2021, the average annual growth rate of value in Singapore totaled +25.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-6.0% per year) and Indonesia (-3.0% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per kg, declining by -7.8% against the previous year. In general, the export price, however, continues to indicate a strong expansion. The pace of growth appeared the most rapid in 2015 an increase of 118% against the previous year. Over the period under review, the export prices hit record highs at $X per kg in 2020, and then fell 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 2021, the most notable rate of growth in terms of prices was attained by Singapore (+9.5%), while the other leaders experienced more modest paces of growth.

Gold Imports

Imports in South-Eastern Asia

In 2021, the amount of gold imported in South-Eastern Asia rose markedly to X tons, growing by 12% on the previous year's figure. In general, imports posted a notable increase. The most prominent rate of growth was recorded in 2015 with an increase of 104%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, gold imports rose significantly to $X in 2021. Overall, imports posted a buoyant increase. The pace of growth appeared the most rapid in 2015 with an increase of 105% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in the immediate term.

Imports by Country

Singapore was the major importing country with an import of around X tons, which finished at 45% of total imports. Thailand (X tons) held a 27% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (13%) and Indonesia (8.3%). The following importers - Cambodia (X tons) and the Philippines (X tons) - each resulted at a 5.3% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +28.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest gold importing markets in South-Eastern Asia were Singapore ($X), Thailand ($X) and Malaysia ($X), with a combined 87% share of total imports. These countries were followed by Indonesia, Cambodia and the Philippines, which together accounted for a further 12%.

Among the main importing countries, Indonesia, with a CAGR of +59.3%, recorded 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 import price in South-Eastern Asia stood at $X per kg in 2021, growing by 2.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.6%. The most prominent rate of growth was recorded in 2020 when the import price increased by 25%. Over the period under review, import prices attained the maximum in 2021 and is likely to continue growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+24.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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