Sri Lanka: Gold Market 2024

Gold Market Size in Sri Lanka

The Sri Lankan gold market was finally on the rise to reach $X in 2021, after three years of decline. Over the period under review, consumption saw a noticeable increase. Gold consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Gold Production in Sri Lanka

In value terms, gold production totaled $X in 2021 estimated in export price. Over the period under review, production recorded a tangible increase. The most prominent rate of growth was recorded in 2020 when the production volume decreased by 99.9% against the previous year. Gold production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

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Gold Exports

Exports from Sri Lanka

In 2021, shipments abroad of gold decreased by -72.7% to X kg, falling for the third consecutive year after two years of growth. Overall, exports showed a precipitous descent. The most prominent rate of growth was recorded in 2018 when exports increased by 144%. Over the period under review, the exports hit record highs at X kg in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, gold exports shrank significantly to $X in 2021. In general, exports recorded a dramatic downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 243% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X kg), Hong Kong SAR (X kg) and Singapore (X kg) were the main destinations of gold exports from Sri Lanka, with a combined 99.9% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of 0.0%), while the other leaders experienced a decline.

In value terms, the United Arab Emirates ($X) remains the key foreign market for gold exports from Sri Lanka, comprising 56% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 26% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates totaled -44.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (0.0% per year) and Singapore (-59.8% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, which is down by -41.8% against the previous year. Over the period under review, the export price continues to indicate a precipitous curtailment. The most prominent rate of growth was recorded in 2018 when the average export price increased by 46% against the previous year. The export price peaked at $X per kg in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per kg), while the average price for exports to Singapore ($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 the United Arab Emirates (-18.8%).

Gold Imports

Imports into Sri Lanka

In 2021, overseas purchases of gold increased by 445% to X kg, rising for the second year in a row after two years of decline. Over the period under review, imports, however, recorded a abrupt decline. The pace of growth appeared the most rapid in 2016 with an increase of 899% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, gold imports skyrocketed to $X in 2021. Overall, imports, however, showed a deep slump. The pace of growth was the most pronounced in 2016 with an increase of 805% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

Singapore (X kg), Switzerland (X kg) and Thailand (X kg) were the main suppliers of gold imports to Sri Lanka, together comprising 85% of total imports. These countries were followed by Australia and Swaziland, which together accounted for a further 11%.

From 2012 to 2021, the biggest increases were recorded for Swaziland (with a CAGR of +1,700.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest gold suppliers to Sri Lanka were Switzerland ($X), Singapore ($X) and Swaziland ($X), with a combined 78% share of total imports.

Swaziland, with a CAGR of +3,370.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average gold import price stood at $X per kg in 2021, with an increase of 41% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% 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 +82.0% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Swaziland ($X per kg), while the price for Thailand ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+37.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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