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Thailand - Gold - Market Analysis, Forecast, Size, Trends and Insights

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Thailand: Gold Market 2022

Gold Market Size in Thailand

In 2021, the Thai gold market increased by X% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption enjoyed a modest increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Gold Production in Thailand

In value terms, gold production reduced to $X in 2021 estimated in export price. Overall, production, however, posted a buoyant increase. The pace of growth was the most pronounced in 2013 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2020, and then dropped in the following year.

Gold Exports

Exports from Thailand

In 2021, after two years of growth, there was significant decline in shipments abroad of gold, when their volume decreased by -X% to X tons. Over the period under review, exports recorded a abrupt decrease. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. The exports peaked at X tons in 2020, and then dropped markedly in the following year.

In value terms, gold exports shrank significantly to $X in 2021. In general, exports recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020, and then contracted markedly in the following year.

Exports by Country

Singapore (X tons) was the main destination for gold exports from Thailand, accounting for a X% share of total exports. Moreover, gold exports to Singapore exceeded the volume sent to the second major destination, Switzerland (X tons), threefold. Hong Kong SAR (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Singapore amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-X% per year) and Hong Kong SAR (-X% per year).

In value terms, Singapore ($X) emerged as the key foreign market for gold exports from Thailand, comprising X% of total exports. The second position in the ranking was taken by Switzerland ($X), with a X% share of total exports. It was followed by Hong Kong SAR, with a X% share.

From 2012 to 2021, the average annual growth rate of value to Singapore totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-X% per year) and Hong Kong SAR (-X% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, leveling off at the previous year. Overall, export 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 export price increased by +X% against 2014 indices. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2021, the countries with the highest prices were Switzerland ($X per kg) and Singapore ($X per kg), while the average price for exports to Australia ($X per kg) and Hong Kong SAR ($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 Japan (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Thailand

In 2021, purchases abroad of gold was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, gold imports soared to $X in 2021. Overall, imports, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Switzerland (X tons) constituted the largest supplier of gold to Thailand, with a X% share of total imports. Moreover, gold imports from Switzerland exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), twofold. Australia (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2021, the average annual growth rate of volume from Switzerland totaled -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+X% per year) and Australia (-X% per year).

In value terms, Switzerland ($X) constituted the largest supplier of gold to Thailand, comprising X% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a X% share of total imports. It was followed by Australia, with a X% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland totaled -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+X% per year) and Australia (-X% per year).

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, surging by X% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2020 when the average import price increased by X%. Over the period under review, average import prices attained the maximum in 2021 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, the countries with the highest prices were Malaysia ($X per kg) and Hong Kong SAR ($X per kg), while the price for Lao People's Democratic Republic ($X per kg) and Japan ($X per kg) were amongst the lowest.

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

Source: IndexBox Market Intelligence Platform

Base Year	Historical Period	Forecast Period	Units
2022	2012-2022	2023-2030	US$, Tons

Frequently Asked Questions (FAQ) :

What are the largest markets for gold in the world?

Rwanda remains the largest gold consuming country worldwide, accounting for 48% of total volume. Moreover, gold consumption in Rwanda exceeded the figures recorded by the second-largest consumer, India, sixfold. The third position in this ranking was taken by the United Arab Emirates, with a 6% share.

What are the largest producers of gold in the world?

The countries with the highest volumes of production in 2021 were the United Arab Emirates, the United States and the UK, with a combined 29% share of global production. These countries were followed by Hong Kong SAR, Peru, Russia, Argentina, South Africa, China, Australia, Thailand, Mexico and Japan, which together accounted for a further 39%.

What are the leading suppliers of gold to Thailand?

In value terms, Switzerland constituted the largest supplier of gold to Thailand, comprising 46% of total imports. The second position in the ranking was held by Hong Kong SAR, with a 23% share of total imports. It was followed by Australia, with a 9.5% share.

What are the leading importers of gold from Thailand?

In value terms, Singapore emerged as the key foreign market for gold exports from Thailand, comprising 43% of total exports. The second position in the ranking was taken by Switzerland, with a 17% share of total exports. It was followed by Hong Kong SAR, with a 13% share.

What is the average export price for gold in Thailand?

The average gold export price stood at $54,614 per kg in 2021, remaining relatively unchanged against the previous year.

What is the average import price for gold in Thailand?

In 2021, the average gold import price amounted to $55,824 per kg, with an increase of 8.2% against the previous year.

This report provides an in-depth analysis of the gold market in Thailand. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

• Prodcom 24412030 - Gold, unwrought or in powder form for non-monetary use (including plated with platinum)

• Prodcom 24412035 -

• Prodcom 24412040 -

• Prodcom 24412050 - Gold, in semi-manufactured forms for non-monetary use (including plated with platinum) (excluding unwrought or in powder form)

• Prodcom 24412070 - Monetary gold (including gold plated with platinum)

Country coverage:

• Thailand

Data coverage:

• Market volume and value

• Per Capita consumption

• Forecast of the market dynamics in the medium term

• Trade (exports and imports) in Thailand

• Export and import prices

• Market trends, drivers and restraints

• Key market players and their profiles

Reasons to buy this report:

• Take advantage of the latest data

• Find deeper insights into current market developments

• Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

1. How to diversify your business and benefit from new market opportunities

2. How to load your idle production capacity

3. How to boost your sales on overseas markets

4. How to increase your profit margins

5. How to make your supply chain more sustainable

6. How to reduce your production and supply chain costs

7. How to outsource production to other countries

8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

1.1

REPORT DESCRIPTION

1.2

RESEARCH METHODOLOGY AND AI PLATFORM

1.3

DATA-DRIVEN DECISIONS FOR YOUR BUSINESS

1.4

REPORT DESCRIPTION

2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance