New Zealand: Platinum Market 2024

Platinum Market Size in New Zealand

In 2021, the New Zealand platinum market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Platinum Production in New Zealand

In value terms, platinum production skyrocketed to $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 72%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Platinum Exports

Exports from New Zealand

After two years of decline, shipments abroad of platinum increased by 4.8% to X kg in 2021. Overall, exports, however, continue to indicate a perceptible contraction. The pace of growth appeared the most rapid in 2017 with an increase of 105% against the previous year. Over the period under review, the exports reached the peak figure at X kg in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, platinum exports surged to $X in 2021. In general, exports, however, showed a perceptible downturn. The growth pace was the most rapid in 2017 when exports increased by 82% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Australia (X kg) was the main destination for platinum exports from New Zealand, accounting for a 69% share of total exports. Moreover, platinum exports to Australia exceeded the volume sent to the second major destination, Thailand (X kg), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Australia amounted to -4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+21.5% per year) and the United States (+8.0% per year).

In value terms, Australia ($X) remains the key foreign market for platinum exports from New Zealand, comprising 69% of total exports. The second position in the ranking was taken by Thailand ($X), with a 29% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Australia totaled -4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+21.4% per year) and the United States (+25.4% per year).

Export Prices by Country

The average platinum export price stood at $X per kg in 2021, picking up by 18% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the average export price increased by 27%. Over the period under review, the average export prices hit record highs at $X per kg in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per kg), while the average price for exports to Thailand ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+13.9%), while the prices for the other major destinations experienced mixed trend patterns.

Platinum Imports

Imports into New Zealand

Platinum imports into New Zealand expanded rapidly to X kg in 2021, increasing by 12% against the previous year's figure. In general, imports, however, continue to indicate a slight downturn. The most prominent rate of growth was recorded in 2014 with an increase of 68% against the previous year. As a result, imports reached the peak of X kg. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, platinum imports soared to $X in 2021. Over the period under review, total imports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +104.2% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X kg) constituted the largest platinum supplier to New Zealand, accounting for a 56% share of total imports. Moreover, platinum imports from Japan exceeded the figures recorded by the second-largest supplier, Australia (X kg), threefold. Germany (X kg) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2021, the average annual growth rate of volume from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+10.4% per year) and Germany (-13.6% per year).

In value terms, Japan ($X) constituted the largest supplier of platinum to New Zealand, comprising 58% of total imports. The second position in the ranking was held by Australia ($X), with a 22% share of total imports. It was followed by Switzerland, with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+43.5% per year) and Switzerland (+23.3% per year).

Import Prices by Country

The average platinum import price stood at $X per kg in 2021, jumping by 18% against the previous year. Over the period under review, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, platinum import price increased by +69.2% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 44%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per kg), while the price for the United States ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+29.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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