Pakistan: Gold Market 2024

Gold Market Size in Pakistan

In 2021, the Pakistani gold market decreased by -4.9% to $X for the first time since 2018, thus ending a two-year rising trend. In general, the total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +56.8% against 2016 indices. Gold consumption peaked at $X in 2020, and then declined modestly in the following year.

Gold Production in Pakistan

In value terms, gold production fell to $X in 2021 estimated in export price. Over the period under review, the total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.8% 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 increased by +66.2% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 36%. Over the period under review, production attained the peak level at $X in 2020, and then fell in the following year.

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Gold Exports

Exports from Pakistan

In 2021, after three years of growth, there was significant decline in overseas shipments of gold, when their volume decreased by -7.5% to X tons. Overall, exports faced a precipitous shrinkage. The pace of growth appeared the most rapid in 2019 with an increase of 100% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, gold exports fell to $X in 2021. Over the period under review, exports saw a deep slump. The most prominent rate of growth was recorded in 2019 with an increase of 128% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) was the main destination for gold exports from Pakistan, with a approx. 99% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates totaled -21.8%.

In value terms, the United Arab Emirates ($X) also remains the key foreign market for gold exports from Pakistan.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates totaled -19.3%.

Export Prices by Country

The average gold export price stood at $X per kg in 2021, picking up by 7.1% against the previous year. Over the period under review, the export price saw a notable increase. The pace of growth appeared the most rapid in 2016 when the average export price increased by 43%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to +3.2% per year.

Gold Imports

Imports into Pakistan

In 2021, overseas purchases of gold increased by 96% to X kg for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, faced a sharp setback. The pace of growth appeared the most rapid in 2013 with an increase of 129% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, gold imports skyrocketed to $X in 2021. Overall, imports, however, saw a dramatic decline. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X kg) constituted the largest supplier of gold to Pakistan, with a 51% share of total imports. Moreover, gold imports from the United States exceeded the figures recorded by the second-largest supplier, the UK (X kg), threefold. The third position in this ranking was taken by the United Arab Emirates (X kg), with a 17% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-8.8% per year) and the United Arab Emirates (-38.5% per year).

In value terms, the United States ($X) constituted the largest supplier of gold to Pakistan, comprising 51% of total imports. The second position in the ranking was held by the UK ($X), with an 18% share of total imports. It was followed by the United Arab Emirates, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-7.5% per year) and the United Arab Emirates (-37.9% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, picking up by 12% against the previous year. In general, import price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.2% 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 +79.3% against 2017 indices. The pace of growth was the most pronounced in 2020 an increase of 30%. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Canada ($X per kg) and the UK ($X per kg), while the price for Qatar ($X per kg) and the United States ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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