China: Silver Market 2024

Silver Market Size in China

The Chinese silver market reduced to $X in 2021, which is down by -12.4% against the previous year. Overall, consumption recorded a perceptible contraction. Silver consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Silver Production in China

In value terms, silver production shrank to $X in 2021 estimated in export price. Overall, production showed a slight setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by 22% against the previous year. Silver production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Silver Exports

Exports from China

For the third year in a row, China recorded growth in overseas shipments of silver including silver plated with gold or platinum, which increased by 28% to X tons in 2021. Over the period under review, exports showed prominent growth. The most prominent rate of growth was recorded in 2015 when exports increased by 58%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, silver exports skyrocketed to $X in 2021. In general, exports enjoyed a resilient increase. The pace of growth was the most pronounced in 2020 when exports increased by 85%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Hong Kong SAR (X tons) was the main destination for silver exports from China, accounting for a 99% share of total exports. It was followed by Thailand (X kg), with less than 0.1% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Hong Kong SAR amounted to +23.8%.

In value terms, Hong Kong SAR ($X) remains the key foreign market for silver including silver plated with gold or platinum exports from China, comprising 99% of total exports. The second position in the ranking was held by Thailand ($X), with less than 0.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR totaled +20.3%.

Export Prices by Country

The average silver export price stood at $X per ton in 2021, rising by 18% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 when the average export price increased by 33%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Hong Kong SAR totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+0.0%).

Silver Imports

Imports into China

In 2021, the amount of silver including silver plated with gold or platinum imported into China shrank to X tons, which is down by -2.7% on the year before. Overall, total imports indicated a tangible increase from 2012 to 2021: its volume increased at an average annual rate of +4.0% 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 increased by +7.6% against 2019 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 25% against the previous year. Imports peaked at X tons in 2020, and then dropped modestly in the following year.

In value terms, silver imports surged to $X in 2021. In general, imports, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2017 when imports increased by 55% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X tons) constituted the largest silver supplier to China, with a 77% share of total imports. Moreover, silver imports from Japan exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), tenfold. South Korea (X tons) ranked third in terms of total imports with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume from Japan stood at +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-14.8% per year) and South Korea (+11.3% per year).

In value terms, Japan ($X) constituted the largest supplier of silver including silver plated with gold or platinum to China, comprising 84% of total imports. The second position in the ranking was held by the United States ($X), with a 6.5% share of total imports. It was followed by South Korea, with a 1.7% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled +26.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.4% per year) and South Korea (-4.6% per year).

Import Prices by Country

The average silver import price stood at $X per ton in 2021, growing by 29% against the previous year. Overall, the import price showed a strong increase. The pace of growth appeared the most rapid in 2017 an increase of 38% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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