Latin America and the Caribbean: Platinum Market 2025

Platinum Market Size in Latin America and the Caribbean

The Latin American platinum market was finally on the rise to reach $X in 2021, after eight years of decline. Over the period under review, consumption, however, saw a abrupt decrease. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Platinum Production in Latin America and the Caribbean

In value terms, platinum production expanded remarkably to $X in 2021 estimated in export price. In general, production, however, saw a abrupt setback. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Platinum Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of platinum increased by 71% to X tons, rising for the sixth consecutive year after three years of decline. In general, exports showed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, platinum exports totaled $X in 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 65% against the previous year. The level of export peaked in 2021 and is likely to continue growth in years to come.

Exports by Country

Nicaragua was the main exporter of platinum in Latin America and the Caribbean, with the volume of exports finishing at X tons, which was near 38% of total exports in 2021. Brazil (X kg) took the second position in the ranking, followed by Costa Rica (X kg), Colombia (X kg), the Dominican Republic (X kg) and Ecuador (X kg). All these countries together held approx. 56% share of total exports. Peru (X kg) held a minor share of total exports.

Exports from Nicaragua increased at an average annual rate of +10.3% from 2012 to 2021. At the same time, Ecuador (+60.5%), the Dominican Republic (+59.4%), Peru (+22.9%), Costa Rica (+15.2%) and Brazil (+1.0%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +60.5% from 2012-2021. By contrast, Colombia (-6.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nicaragua, the Dominican Republic, Costa Rica and Ecuador increased by +12, +10, +6.5 and +5.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Dominican Republic ($X), Brazil ($X) and Costa Rica ($X) were the countries with the highest levels of exports in 2021, with a combined 77% share of total exports.

The Dominican Republic, with a CAGR of +92.7%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per kg in 2021, with a decrease of -37.6% against the previous year. In general, the export price showed a perceptible reduction. The pace of growth appeared the most rapid in 2018 when the export price increased by 55%. Over the period under review, the export prices hit record highs at $X per kg in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per kg), while Nicaragua ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nicaragua (+47.5%), while the other leaders experienced more modest paces of growth.

Platinum Imports

Imports in Latin America and the Caribbean

In 2021, the amount of platinum imported in Latin America and the Caribbean skyrocketed to X tons, jumping by 62% against the year before. In general, imports, however, saw a mild setback. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, platinum imports soared to $X in 2021. Over the period under review, imports showed a mild expansion. The pace of growth was the most pronounced in 2017 when imports increased by 37%. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

Imports by Country

Mexico represented the largest importer of platinum in Latin America and the Caribbean, with the volume of imports reaching X tons, which was approx. 45% of total imports in 2021. The Dominican Republic (X tons) took a 21% share (based on physical terms) of total imports, which put it in second place, followed by Brazil (11%), Argentina (8.4%) and Costa Rica (7.6%). Chile (X kg) and Colombia (X kg) followed a long way behind the leaders.

Imports into Mexico decreased at an average annual rate of -5.0% from 2012 to 2021. At the same time, the Dominican Republic (+92.6%), Chile (+48.1%), Argentina (+26.8%) and Costa Rica (+25.8%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +92.6% from 2012-2021. By contrast, Colombia (-2.2%) and Brazil (-7.8%) illustrated a downward trend over the same period. While the share of the Dominican Republic (+21 p.p.), Argentina (+7.5 p.p.), Costa Rica (+6.7 p.p.) and Chile (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Brazil (-9.3 p.p.) and Mexico (-19.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Dominican Republic ($X), Brazil ($X) and Argentina ($X) constituted the countries with the highest levels of imports in 2021, with a combined 66% share of total imports. These countries were followed by Mexico, Chile, Costa Rica and Colombia, which together accounted for a further 33%.

Chile, with a CAGR of +95.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per kg in 2021, shrinking by -22% against the previous year. Import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when the import price increased by 59%. The level of import peaked at $X per kg in 2020, and then shrank significantly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Chile ($X per kg), while Mexico ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+31.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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