Asia-Pacific: 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-Pacific

The Asia-Pacific market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank significantly to $X in 2022, which is down by -44.7% against the previous year. In general, consumption saw a noticeable shrinkage. As a result, consumption attained the peak level of $X, and then reduced remarkably in the following year.

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

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. Overall, production saw a noticeable downturn. The pace of growth appeared the most rapid in 2018 with an increase of 22% against the previous year. Over the period under review, production of hit record highs at $X in 2021, and then shrank sharply in the following year.

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

Exports in Asia-Pacific

In 2022, overseas shipments of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver decreased by -33.8% to X tons, falling for the second year in a row after two years of growth. In general, exports saw a precipitous curtailment. The pace of growth appeared the most rapid in 2019 when exports increased by 145%. 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 dropped rapidly to $X in 2022. Over the period under review, exports recorded a deep contraction. The growth pace was the most rapid in 2019 with an increase of 526% against the previous year. Over the period under review, the exports of attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China represented the main exporter of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in Asia-Pacific, with the volume of exports finishing at X tons, which was approx. 46% of total exports in 2022. Thailand (X tons) ranks second in terms of the total exports with a 15% share, followed by Brunei Darussalam (14%) and South Korea (9.5%). The following exporters - Taiwan (Chinese) (X tons), Hong Kong SAR (X tons) and Japan (X tons) - each resulted at an 8.8% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to non-silver precious metal goldsmiths ware articles exports from China stood at +4.8%. 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-Pacific, 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. China (+44 p.p.), Brunei Darussalam (+14 p.p.), Thailand (+12 p.p.), South Korea (+9.4 p.p.), Hong Kong SAR (+2.9 p.p.) and Japan (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) saw its share reduced by -1.9% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest non-silver precious metal goldsmiths ware articles supplier in Asia-Pacific, comprising 59% of total exports. The second position in the ranking was held by Hong Kong SAR ($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. In the other countries, the average annual rates were as follows: Hong Kong SAR (+13.3% per year) and Taiwan (Chinese) (-4.1% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per kg in 2022, with a decrease of -12.7% against the previous year. Over the period under review, the export price, however, posted noticeable growth. The most prominent rate of growth was recorded in 2019 an increase of 155%. Over the period under review, the export prices reached the peak figure at $X per kg in 2020; however, from 2021 to 2022, the export prices stood at a somewhat 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-Pacific

In 2022, supplies from abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports posted a tangible increase. Over the period under review, imports of attained the maximum at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver surged to $X in 2022. In general, imports showed a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Singapore represented the main importer of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in Asia-Pacific, with the volume of imports recording X tons, which was approx. 33% of total imports in 2022. Hong Kong SAR (X tons) ranks second in terms of the total imports with a 16% share, followed by New Zealand (15%), Malaysia (6.2%), South Korea (6%) and Indonesia (5.7%). Taiwan (Chinese) (X kg) followed a long way behind the leaders.

Imports into Singapore increased at an average annual rate of +1.8% from 2012 to 2022. At the same time, South Korea (+51.8%), New Zealand (+51.3%), Hong Kong SAR (+29.1%), Indonesia (+20.5%) and Malaysia (+9.0%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +51.8% from 2012-2022. By contrast, Taiwan (Chinese) (-15.7%) illustrated a downward trend over the same period. New Zealand (+15 p.p.), Hong Kong SAR (+14 p.p.), South Korea (+5.9 p.p.), Indonesia (+4.5 p.p.) and Malaysia (+2.8 p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Taiwan (Chinese) saw its share reduced by -3.6% and -26.2% from 2012 to 2022, respectively.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in Asia-Pacific, comprising 55% of total imports. The second position in the ranking was held by New Zealand ($X), with a 17% share of total imports. It was followed by Singapore, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value in Hong Kong SAR totaled +31.0%. The remaining importing countries recorded the following average annual rates of imports growth: New Zealand (+96.0% per year) and Singapore (-11.0% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per kg, declining by -17% against the previous year. In general, the import price, however, saw resilient growth. The most prominent rate of growth was recorded in 2017 when the import price increased by 49%. Over the period under review, import prices attained the peak figure at $X per kg in 2021, and then reduced sharply in the following year.

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 New Zealand (+29.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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