Malaysia: 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 Malaysia

In 2022, the Malaysian market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 15% to $X, rising for the third year in a row after two years of decline. In general, consumption, however, continues to indicate a relatively flat trend pattern. Consumption of peaked in 2022 and is likely to see gradual growth in the near future.

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

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X in 2022 estimated in export price. Overall, production, however, showed a precipitous decrease. The pace of growth was the most pronounced in 2018 when the production volume increased by 24%. Over the period under review, production of attained the peak level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

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

Exports from Malaysia

In 2022, approx. X kg of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver were exported from Malaysia; with a decrease of -33.8% compared with 2021 figures. In general, exports saw a significant decline. The growth pace was the most rapid in 2016 when exports increased by 5,349% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver fell sharply to $X in 2022. Over the period under review, exports recorded a sharp decline. The most prominent rate of growth was recorded in 2016 when exports increased by 7,177% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports of remained at a lower figure.

Exports by Country

Japan (X kg) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Malaysia, accounting for a 56% share of total exports. Moreover, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Japan exceeded the volume sent to the second major destination, the United States (X kg), fourfold. The third position in this ranking was taken by Taiwan (Chinese) (X kg), with an 8.5% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled -27.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-34.2% per year) and Taiwan (Chinese) (-35.7% per year).

In value terms, the largest markets for non-silver precious metal goldsmiths ware articles exported from Malaysia were Japan ($X), Singapore ($X) and the United States ($X), with a combined 84% share of total exports. The United Arab Emirates, Taiwan (Chinese), Thailand and Hong Kong SAR lagged somewhat behind, together accounting for a further 14%.

Thailand, with a CAGR of +27.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, growing by 25% against the previous year. Overall, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by +75.7% against 2019 indices. The pace of growth was the most pronounced in 2016 an increase of 34% against the previous year. As a result, the export price attained the peak level of $X per kg. From 2017 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per kg), while the average price for exports to Taiwan (Chinese) ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into Malaysia

Imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver into Malaysia dropped to X tons in 2022, shrinking by -14.4% compared with 2021 figures. Overall, imports, however, posted a resilient expansion. The growth pace was the most rapid in 2017 when imports increased by 112% against the previous year. Imports 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 contracted sharply to $X in 2022. In general, imports, however, continue to indicate resilient growth. The pace of growth was the most pronounced in 2021 with an increase of 265% against the previous year. As a result, imports reached the peak of $X, and then dropped sharply in the following year.

Imports by Country

In 2022, Hong Kong SAR (X kg) constituted the largest supplier of non-silver precious metal goldsmiths ware articles to Malaysia, accounting for a 61% share of total imports. Moreover, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Hong Kong SAR exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X kg), fourfold. The third position in this ranking was taken by Japan (X kg), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Hong Kong SAR stood at +52.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+16.0% per year) and Japan (-8.1% per year).

In value terms, the largest non-silver precious metal goldsmiths ware articles suppliers to Malaysia were Japan ($X), Taiwan (Chinese) ($X) and Hong Kong SAR ($X), with a combined 91% share of total imports.

Hong Kong SAR, with a CAGR of +44.2%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per kg in 2022, which is down by -25.6% against the previous year. In general, the import price recorded a perceptible decline. The pace of growth appeared the most rapid in 2021 an increase of 94%. Over the period under review, average import prices hit record highs at $X per kg in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per kg), while the price for Singapore ($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) (+17.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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