Eastern 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 Eastern Asia

The East Asian market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver soared to $X in 2022, growing by 23% against the previous year. The market value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

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

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the production volume increased by 8.8%. Over the period under review, production of hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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

Exports in Eastern Asia

In 2022, approx. X tons of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver were exported in Eastern Asia; with a decrease of -26.8% on the previous year's figure. Over the period under review, exports saw a pronounced shrinkage. The growth pace was the most rapid in 2017 with an increase of 333%. Over the period under review, the exports of attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver declined dramatically to $X in 2022. Overall, exports, however, posted noticeable growth. The growth pace was the most rapid in 2021 when exports increased by 154% against the previous year. As a result, the exports reached the peak of $X, and then dropped significantly in the following year.

Exports by Country

China represented the main exporter of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in Eastern Asia, with the volume of exports finishing at X tons, which was near 72% of total exports in 2022. It was distantly followed by South Korea (X tons), Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons), together mixing up a 24% share of total exports. Japan (X tons) held a minor 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, South Korea (+25.4%) and Hong Kong SAR (+20.0%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +25.4% from 2012-2022. By contrast, Japan (-9.1%) and Taiwan (Chinese) (-24.9%) illustrated a downward trend over the same period. While the share of China (+40 p.p.), South Korea (+14 p.p.) and Hong Kong SAR (+4.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Japan (-3.5 p.p.) and Taiwan (Chinese) (-54.3 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest non-silver precious metal goldsmiths ware articles supplier in Eastern Asia, comprising 70% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with an 18% share of total exports. It was followed by Taiwan (Chinese), with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +16.2%. 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 Eastern Asia stood at $X per kg in 2022, falling by -19.5% against the previous year. In general, the export price, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2018 when the export price increased by 244%. The level of export peaked at $X per kg in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per kg), while South Korea ($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 Eastern Asia

After three years of decline, purchases abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 70% to X tons in 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 75%. The volume of import peaked at X tons in 2018; however, from 2019 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 recorded a significant expansion. The growth pace was the most rapid in 2017 when imports increased by 191% against the previous year. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Hong Kong SAR was the key importing country with an import of about X tons, which amounted to 52% of total imports. South Korea (X kg) took the second position in the ranking, followed by Taiwan (Chinese) (X kg) and Macao SAR (X kg). All these countries together took near 42% share of total imports. The following importers - Japan (X kg) and China (X kg) - together made up 6.1% of total imports.

Imports into Hong Kong SAR increased at an average annual rate of +29.1% from 2012 to 2022. At the same time, South Korea (+51.8%), China (+27.6%) and Macao SAR (+7.2%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +51.8% from 2012-2022. By contrast, Japan (-9.9%) and Taiwan (Chinese) (-15.7%) illustrated a downward trend over the same period. Hong Kong SAR (+48 p.p.), South Korea (+19 p.p.), Macao SAR (+4 p.p.) and China (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while Japan and Taiwan (Chinese) saw its share reduced by -7.2% and -66.2% from 2012 to 2022, respectively.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in Eastern Asia, comprising 81% of total imports. The second position in the ranking was held by Macao SAR ($X), with a 6.2% share of total imports. It was followed by Taiwan (Chinese), with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Hong Kong SAR stood at +31.0%. In the other countries, the average annual rates were as follows: Macao SAR (+5.5% per year) and Taiwan (Chinese) (+1.8% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per kg, with an increase of 25% against the previous year. Overall, the import price continues to indicate a buoyant expansion. The pace of growth was the most pronounced in 2013 when the import price increased by 139% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per kg), while South Korea ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+29.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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