ASEAN: Semi-Manufactured Silver Market 2025

Semi-Manufactured Silver Market Size in ASEAN

The ASEAN semi-manufactured silver market reached $X in 2021, increasing by 4.9% against the previous year. Over the period under review, consumption, however, continues to indicate a prominent increase. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Semi-Manufactured Silver Production in ASEAN

In value terms, semi-manufactured silver production reduced slightly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate resilient growth. The pace of growth appeared the most rapid in 2014 when the production volume increased by 82% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Semi-Manufactured Silver Exports

Exports in ASEAN

For the fourth year in a row, ASEAN recorded growth in overseas shipments of silver in semi-manufactured forms, which increased by 22% to X tons in 2021. In general, exports recorded a buoyant expansion. The pace of growth was the most pronounced in 2016 with an increase of 27%. The volume of export peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, semi-manufactured silver exports skyrocketed to $X in 2021. Over the period under review, exports recorded tangible growth. The most prominent rate of growth was recorded in 2020 with an increase of 67%. The level of export peaked in 2021 and is likely to see gradual growth in years to come.

Exports by Country

Thailand was the key exporter of silver in semi-manufactured forms in ASEAN, with the volume of exports accounting for X tons, which was near 58% of total exports in 2021. It was distantly followed by Singapore (X tons), making up a 36% share of total exports. Indonesia (X tons) and Malaysia (X tons) took a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Thailand (with a CAGR of +51.3%), while the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) remains the largest semi-manufactured silver supplier in ASEAN, comprising 75% of total exports. The second position in the ranking was taken by Singapore ($X), with a 19% share of total exports. It was followed by Indonesia, with a 3.1% share.

In Thailand, semi-manufactured silver exports expanded at an average annual rate of +64.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-11.5% per year) and Indonesia (-3.7% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, rising by 30% against the previous year. In general, the export price, however, continues to indicate a pronounced downturn. The pace of growth was the most pronounced in 2020 when the export price increased by 34%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+8.9%), while the other leaders experienced mixed trends in the export price figures.

Semi-Manufactured Silver Imports

Imports in ASEAN

In 2021, imports of silver in semi-manufactured forms in ASEAN expanded notably to X tons, surging by 6.4% compared with the previous year. Total imports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -25.0% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of 57% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, semi-manufactured silver imports surged to $X in 2021. Overall, imports recorded measured growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand was the major importer of silver in semi-manufactured forms in ASEAN, with the volume of imports reaching X tons, which was near 46% of total imports in 2021. Malaysia (X tons) took a 26% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (17%) and Indonesia (9%). Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Indonesia (with a CAGR of +11.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constitutes the largest market for imported silver in semi-manufactured forms in ASEAN, comprising 63% of total imports. The second position in the ranking was taken by Singapore ($X), with a 21% share of total imports. It was followed by Malaysia, with a 12% share.

In Thailand, semi-manufactured silver imports increased at an average annual rate of +4.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (-0.8% per year) and Malaysia (+0.3% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, growing by 33% against the previous year. In general, the import price, however, recorded a mild slump. The most prominent rate of growth was recorded in 2020 an increase of 95%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+1.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform