Asia: Gold Market 2024

Gold Market Size in Asia

After two years of decline, the Asian gold market increased by 62% to $X in 2021. In general, consumption posted a strong increase. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the immediate term.

Gold Production in Asia

In value terms, gold production contracted to $X in 2021 estimated in export price. Overall, production, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2016 with an increase of 36%. Over the period under review, production attained the maximum level at $X in 2020, and then dropped in the following year.

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Gold Exports

Exports in Asia

Gold exports contracted remarkably to X tons in 2021, falling by -15.3% compared with the year before. Over the period under review, exports continue to indicate a pronounced reduction. The growth pace was the most rapid in 2015 when exports increased by 21% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, gold exports declined rapidly to $X in 2021. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 51%. As a result, the exports reached the peak of $X, and then shrank remarkably in the following year.

Exports by Country

The United Arab Emirates (X tons) and Hong Kong SAR (X tons) represented roughly 51% of total exports in 2021. Singapore (X tons) ranks next in terms of the total exports with a 13% share, followed by Japan (7.6%). The Philippines (X tons), Kazakhstan (X tons), Uzbekistan (X tons), Thailand (X tons), Turkey (X tons), China (X tons) and Iraq (X tons) held a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Kazakhstan (with a CAGR of +15.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest gold supplying countries in Asia were the United Arab Emirates ($X), Hong Kong SAR ($X) and Singapore ($X), with a combined 68% share of total exports.

Singapore, with a CAGR of +25.8%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per kg in 2021, flattening at the previous year. Export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +4.1% 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 +43.7% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 30% against the previous year. As a result, the export price reached the peak level of $X per kg, leveling off in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.7%), while the other leaders experienced more modest paces of growth.

Gold Imports

Imports in Asia

After three years of decline, overseas purchases of gold increased by 55% to X tons in 2021. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when imports increased by 65%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, gold imports surged to $X in 2021. Total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when imports increased by 60%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, India (X tons), China (X tons), Hong Kong SAR (X tons), the United Arab Emirates (X tons) and Singapore (X tons) was the main importer of gold in Asia, mixing up 82% of total import. Thailand (X tons) and Turkey (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +21.4%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, India ($X), China ($X) and Hong Kong SAR ($X) were the countries with the highest levels of imports in 2021, together accounting for 67% of total imports. These countries were followed by Singapore, the United Arab Emirates, Thailand and Turkey, which together accounted for a further 22%.

Singapore, with a CAGR of +24.7%, saw the highest growth rate of the value of imports, among the main importing countries 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 Asia stood at $X per kg in 2021, remaining relatively unchanged against the previous year. Import price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +3.1% 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 +42.1% against 2016 indices. The most prominent rate of growth was recorded in 2020 when the import price increased by 24% against the previous year. Over the period under review, import prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+11.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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