Hong Kong SAR, China: Semi-Manufactured Silver Market 2024

Semi-Manufactured Silver Market Size in Hong Kong SAR, China

In 2021, the Hong Kong semi-manufactured silver market increased by 56% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, showed a pronounced descent. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Semi-Manufactured Silver Exports

Exports from Hong Kong SAR, China

In 2021, the amount of silver in semi-manufactured forms exported from Hong Kong SAR contracted significantly to X tons, declining by -26.3% against the previous year. In general, exports recorded a abrupt slump. The pace of growth appeared the most rapid in 2016 when exports increased by 23%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, semi-manufactured silver exports stood at $X in 2021. Overall, exports recorded a deep reduction. The pace of growth was the most pronounced in 2014 with an increase of 163% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for semi-manufactured silver exports from Hong Kong SAR, accounting for a 93% share of total exports. It was followed by Thailand (X tons), with a 2.1% share of total exports. Vietnam (X tons) ranked third in terms of total exports with a 2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at -11.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+5.1% per year) and Vietnam (-17.9% per year).

In value terms, China ($X) remains the key foreign market for silver in semi-manufactured forms exports from Hong Kong SAR, comprising 88% of total exports. The second position in the ranking was taken by Thailand ($X), with a 3.6% share of total exports. It was followed by Vietnam, with a 3.4% share.

From 2012 to 2021, the average annual growth rate of value to China totaled -9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+6.6% per year) and Vietnam (-4.3% per year).

Export Prices by Country

In 2021, the average semi-manufactured silver export price amounted to $X per ton, picking up by 38% against the previous year. Over the period under review, the export price showed temperate growth. The growth pace was the most rapid in 2014 when the average export price increased by 128%. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+28.3%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Silver Imports

Imports into Hong Kong SAR, China

In 2021, purchases abroad of silver in semi-manufactured forms decreased by -1% to X tons, falling for the third year in a row after two years of growth. In general, imports saw a deep slump. The most prominent rate of growth was recorded in 2018 with an increase of 50% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, semi-manufactured silver imports surged to $X in 2021. Overall, imports continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2018 when imports increased by 44%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest semi-manufactured silver supplier to Hong Kong SAR, with a 66% share of total imports. Moreover, semi-manufactured silver imports from Japan exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sixfold. The third position in this ranking was held by China (X tons), with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to -6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+9.0% per year) and China (-23.1% per year).

In value terms, Japan ($X) constituted the largest supplier of silver in semi-manufactured forms to Hong Kong SAR, comprising 42% of total imports. The second position in the ranking was held by the United States ($X), with a 17% share of total imports. It was followed by Italy, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value from Japan amounted to -6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+10.3% per year) and Italy (-7.4% per year).

Import Prices by Country

The average semi-manufactured silver import price stood at $X per ton in 2021, picking up by 27% against the previous year. In general, import price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, semi-manufactured silver import price increased by +66.2% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+0.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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