ASEAN: Silver Ore Market 2024

Silver Ore Market Size in ASEAN

In 2021, the ASEAN silver ore market increased by 115% to $X, rising for the fourth consecutive year after two years of decline. Overall, consumption showed a significant expansion. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Silver Ore Production in ASEAN

In value terms, silver ore production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, showed a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 602% against the previous year. The level of production peaked in 2021 and is expected to retain growth in the immediate term.

Silver Ore Exports

Exports in ASEAN

In 2021, shipments abroad of silver ores and concentrates decreased by -69.6% to X tons, falling for the fourth year in a row after three years of growth. Overall, exports continue to indicate a sharp downturn. The pace of growth was the most pronounced in 2013 with an increase of 329% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, silver ore exports shrank dramatically to $X in 2021. Over the period under review, exports saw a mild curtailment. The growth pace was the most rapid in 2015 with an increase of 597%. Over the period under review, the exports hit record highs at $X in 2020, and then dropped notably in the following year.

Exports by Country

In 2021, Vietnam (X tons) was the key exporter of silver ores and concentrates, committing 45% of total exports. Myanmar (X tons) ranks second in terms of the total exports with a 22% share, followed by Indonesia (21%) and Malaysia (11%).

Exports from Vietnam decreased at an average annual rate of -15.7% from 2012 to 2021. At the same time, Myanmar (+72.5%), Malaysia (+40.5%) and Indonesia (+12.4%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +72.5% from 2012-2021. From 2012 to 2021, the share of Vietnam, Myanmar, Indonesia and Malaysia increased by +38, +22, +21 and +11 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X), Myanmar ($X) and Malaysia ($X) were the countries with the highest levels of exports in 2021, with a combined 97% share of total exports.

Myanmar, with a CAGR of +75.5%, recorded the highest growth rate of the value of exports, in terms of 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 ASEAN stood at $X per ton in 2021, increasing by 82% against the previous year. Over the period under review, the export price continues to indicate significant growth. The pace of growth appeared the most rapid in 2019 an increase of 1,134%. Over the period under review, the export prices attained the maximum in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Indonesia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+10.3%), while the other leaders experienced more modest paces of growth.

Silver Ore Imports

Imports in ASEAN

For the third year in a row, ASEAN recorded growth in purchases abroad of silver ores and concentrates, which increased by 15% to X tons in 2021. In general, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 222% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, silver ore imports declined remarkably to $X in 2021. Overall, imports, however, faced a drastic downturn. The pace of growth was the most pronounced in 2017 when imports increased by 480%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Lao People's Democratic Republic prevails in imports structure, reaching X tons, which was approx. 87% of total imports in 2021. It was distantly followed by Malaysia (X tons), creating a 5.2% share of total imports. The following importers - Indonesia (X tons) and Vietnam (X tons) - together made up 5.6% of total imports.

Lao People's Democratic Republic was also the fastest-growing in terms of the silver ores and concentrates imports, with a CAGR of +99.1% from 2012 to 2021. At the same time, Indonesia (+11.5%) and Vietnam (+8.9%) displayed positive paces of growth. By contrast, Malaysia (-13.1%) illustrated a downward trend over the same period. While the share of Lao People's Democratic Republic (+87 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Malaysia (-52.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) constitutes the largest market for imported silver ores and concentrates in ASEAN, comprising 59% of total imports. The second position in the ranking was taken by Lao People's Democratic Republic ($X), with a 22% share of total imports. It was followed by Indonesia, with a 7.9% share.

In Malaysia, silver ore imports contracted by an average annual rate of -16.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Lao People's Democratic Republic (+39.1% per year) and Indonesia (+10.8% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, which is down by -38.4% against the previous year. Overall, the import price recorded a precipitous curtailment. The pace of growth was the most pronounced in 2017 when the import price increased by 80% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Malaysia ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform