Asia: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Asia

The Asian market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver reduced rapidly to $X in 2022, dropping by -42.5% against the previous year. Overall, consumption saw a abrupt decrease. As a result, consumption attained the peak level of $X, and then declined notably in the following year.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Asia

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver dropped remarkably to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced setback. The pace of growth was the most pronounced in 2018 when the production volume increased by 19% against the previous year. The level of production peaked at $X in 2021, and then shrank dramatically in the following year.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports in Asia

In 2022, overseas shipments of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver decreased by -35.6% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports continue to indicate a precipitous contraction. The growth pace was the most rapid in 2019 with an increase of 138%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver contracted dramatically to $X in 2022. Overall, exports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of 507% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

China was the largest exporter of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in Asia, with the volume of exports recording X tons, which was near 46% of total exports in 2022. It was distantly followed by Thailand (X tons), Brunei Darussalam (X tons) and South Korea (X tons), together achieving a 39% share of total exports. The following exporters - Taiwan (Chinese) (X tons), Hong Kong SAR (X tons) and Japan (X tons) - each accounted for an 8.8% share of total exports.

Exports from China increased at an average annual rate of +4.8% from 2012 to 2022. At the same time, Brunei Darussalam (+71.6%), South Korea (+25.4%) and Hong Kong SAR (+20.0%) displayed positive paces of growth. Moreover, Brunei Darussalam emerged as the fastest-growing exporter exported in Asia, with a CAGR of +71.6% from 2012-2022. By contrast, Thailand (-8.3%), Japan (-9.1%) and Taiwan (Chinese) (-24.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Brunei Darussalam, Thailand, South Korea, Hong Kong SAR and Japan increased by +44, +14, +12, +9.4, +2.9 and +2.1 percentage points, respectively.

In value terms, China ($X) remains the largest non-silver precious metal goldsmiths ware articles supplier in Asia, comprising 59% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 15% share of total exports. It was followed by Taiwan (Chinese), with a 4.8% share.

In China, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased at an average annual rate of +16.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (+13.3% per year) and Taiwan (Chinese) (-4.1% per year).

Export Prices by Country

The export price in Asia stood at $X per kg in 2022, shrinking by -15.2% against the previous year. Over the period under review, the export price, however, posted a measured expansion. The growth pace was the most rapid in 2019 when the export price increased by 156%. The level of export peaked at $X per kg in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per kg), while Brunei Darussalam ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+27.7%), while the other leaders experienced more modest paces of growth.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports in Asia

In 2022, after two years of decline, there was significant growth in overseas purchases of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, when their volume increased by 44% to X tons. In general, imports, however, recorded a drastic downturn. The pace of growth was the most pronounced in 2016 with an increase of 224%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver surged to $X in 2022. Overall, imports, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2016 with an increase of 153% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Singapore (X tons), distantly followed by Hong Kong SAR (X tons), the United Arab Emirates (X tons), Qatar (X tons), Bahrain (X tons), Malaysia (X tons), South Korea (X tons) and Indonesia (X tons) represented the major importers of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, together committing 83% of total imports.

Imports into Singapore increased at an average annual rate of +1.8% from 2012 to 2022. At the same time, South Korea (+51.8%), Hong Kong SAR (+29.1%), Indonesia (+20.5%), Malaysia (+9.0%), Qatar (+6.5%) and Bahrain (+4.6%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia, with a CAGR of +51.8% from 2012-2022. By contrast, the United Arab Emirates (-32.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Singapore, Hong Kong SAR, Qatar, Bahrain, South Korea, Malaysia and Indonesia increased by +24, +13, +7.4, +6.8, +5, +4.9 and +4.7 percentage points, respectively.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in Asia, comprising 56% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 12% share of total imports. It was followed by Singapore, with a 5.9% share.

In Hong Kong SAR, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver expanded at an average annual rate of +31.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (-29.4% per year) and Singapore (-11.0% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per kg, picking up by 8.4% against the previous year. Overall, the import price saw a tangible increase. The pace of growth was the most pronounced in 2020 when the import price increased by 55%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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