Myanmar: 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 Myanmar

The Myanmar's market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver plummeted to less than $X in 2022, dropping by 99.9% against the previous year. In general, consumption continues to indicate a dramatic descent. The most prominent rate of growth was recorded in 2016 when the market value decreased by -6.3% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

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

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver contracted dramatically to less than $X in 2022 estimated in export price. Overall, production showed a significant decrease. The pace of growth was the most pronounced in 2020 when the production volume increased by 102% against the previous year. Over the period under review, production of hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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

Exports from Myanmar

In 2021, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Myanmar shrank significantly to X tons, which is down by -47.1% against 2020. In general, exports, however, posted a significant expansion. The growth pace was the most rapid in 2020 when exports increased by 458,875%. As a result, the exports reached the peak of X tons, and then fell notably in the following year.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver fell rapidly to $X in 2021. Overall, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 539,487%. As a result, the exports reached the peak of $X, and then declined dramatically in the following year.

Exports by Country

Singapore (X tons) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Myanmar, accounting for a 95% share of total exports. Moreover, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Singapore exceeded the volume sent to the second major destination, Thailand (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Singapore stood at +114.7%.

In value terms, Singapore ($X) remains the key foreign market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exports from Myanmar, comprising 95% of total exports. The second position in the ranking was held by Thailand ($X), with a 5.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Singapore totaled +51.8%.

Export Prices by Country

In 2021, the average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per ton, waning by -5.4% against the previous year. Over the period under review, the export price recorded a dramatic setback. The most prominent rate of growth was recorded in 2020 an increase of 18%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Thailand totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (-19.7%), while the prices for the other major destinations experienced a decline.

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

Imports into Myanmar

Imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver into Myanmar stood at X kg in 2021, therefore, remained relatively stable against the year before. Over the period under review, imports recorded a noticeable decline. The pace of growth was the most pronounced in 2014 with an increase of 9,433%. As a result, imports attained the peak of X kg. From 2015 to 2021, the growth of imports of failed to regain momentum.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X in 2021. In general, imports saw a abrupt slump. The most prominent rate of growth was recorded in 2014 when imports increased by 24,292% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

In 2021, Japan (X kg) was the main non-silver precious metal goldsmiths ware articles supplier to Myanmar, accounting for a approx. 100% share of total imports.

From 2013 to 2021, the average annual rate of growth in terms of volume from Japan amounted to +41.4%.

In value terms, Japan ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Myanmar.

From 2013 to 2021, the average annual growth rate of value from Japan totaled +224.5%.

Import Prices by Country

In 2021, the average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, approximately reflecting the previous year. In general, the import price saw a drastic downturn. The most prominent rate of growth was recorded in 2014 when the average import price increased by 156% against the previous year. As a result, import price reached the peak level of $X per kg. From 2015 to 2021, the average import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Japan.

From 2013 to 2021, the rate of growth in terms of prices for Thailand amounted to +4,755.3% per year.

Source: IndexBox Platform

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