Colombia: Platinum Market 2025

Platinum Market Size in Colombia

The Colombian platinum market fell to $X in 2021, therefore, remained relatively stable against the previous year. Over the period under review, consumption, however, continues to indicate a sharp contraction. The pace of growth was the most pronounced in 2020 when the market value increased by 2.2%. Platinum consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Platinum Production in Colombia

In value terms, platinum production declined slightly to $X in 2021 estimated in export price. In general, production, however, faced a precipitous decrease. The most prominent rate of growth was recorded in 2020 with an increase of 3.5%. Platinum production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Platinum Exports

Exports from Colombia

In 2021, shipments abroad of platinum increased by 22% to X kg, rising for the second year in a row after three years of decline. In general, exports, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 236% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, platinum exports soared to $X in 2021. Over the period under review, exports, however, faced a deep contraction. The most prominent rate of growth was recorded in 2020 with an increase of 250% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X kg) was the main destination for platinum exports from Colombia, accounting for a 89% share of total exports. Moreover, platinum exports to the United States exceeded the volume sent to the second major destination, Italy (X kg), more than tenfold. Free Zones (X kg) ranked third in terms of total exports with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled -8.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+71.9% per year) and Free Zones (+79.2% per year).

In value terms, the United States ($X) remains the key foreign market for platinum exports from Colombia, comprising 88% of total exports. The second position in the ranking was taken by Italy ($X), with an 8.9% share of total exports. It was followed by Free Zones, with a 2.5% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at -12.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+87.2% per year) and Free Zones (+69.5% per year).

Export Prices by Country

The average platinum export price stood at $X per kg in 2021, growing by 8.2% against the previous year. Over the period under review, the export price, however, saw a deep setback. The export price peaked at $X per kg in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were Switzerland ($X per kg) and Italy ($X per kg), while the average price for exports to Free Zones ($X per kg) and the United States ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+8.1%), while the prices for the other major destinations experienced a decline.

Platinum Imports

Imports into Colombia

In 2021, approx. X kg of platinum were imported into Colombia; waning by -38.2% against the year before. Over the period under review, imports recorded a noticeable decline. The pace of growth appeared the most rapid in 2018 when imports increased by 135% against the previous year. Imports peaked at X kg in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, platinum imports declined significantly to $X in 2021. Overall, imports saw a pronounced descent. The growth pace was the most rapid in 2018 when imports increased by 53% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Germany (X kg) constituted the largest supplier of platinum to Colombia, with a 85% share of total imports. Moreover, platinum imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany totaled +23.6%.

In value terms, Germany ($X) constituted the largest supplier of platinum to Colombia, comprising 99% of total imports. The second position in the ranking was held by Italy ($X), with a 0.4% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+73.6% per year) and the United States (-58.0% per year).

Import Prices by Country

In 2021, the average platinum import price amounted to $X per kg, picking up by 23% against the previous year. Over the period under review, the import price, however, showed a pronounced downturn. The growth pace was the most rapid in 2013 an increase of 49%. As a result, import price attained the peak level of $X per kg. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

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 Germany ($X per kg), while the price for Italy ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+29.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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