Philippines: 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 the Philippines

The Philippine market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver was estimated at $X in 2022, stabilizing at the previous year. In general, consumption posted moderate growth. Consumption of peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

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

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 3.8%. Production of peaked in 2022 and is expected to retain growth in the near future.

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

Exports from the Philippines

In 2021, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from the Philippines fell rapidly to X kg, reducing by -96.7% compared with the previous year's figure. Overall, exports faced a abrupt setback. The most prominent rate of growth was recorded in 2020 when exports increased by 1,110%. As a result, the exports attained the peak of X kg, and then dropped sharply in the following year.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank sharply to $X in 2021. In general, exports recorded a dramatic setback. The pace of growth was the most pronounced in 2017 when exports increased by 3,682%. The exports peaked at $X in 2020, and then fell significantly in the following year.

Exports by Country

The Netherlands (X kg), Norway (X kg) and Thailand (X kg) were the main destinations of exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from the Philippines, together accounting for 25% of total exports.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exports from the Philippines, comprising 95% of total exports. The second position in the ranking was held by the United States ($X), with a 1.9% share of total exports. It was followed by Palau, with a 0.9% share.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to -39.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-44.2% per year) and Palau (-48.5% per year).

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 kg, with a decrease of -92.9% against the previous year. In general, the export price showed a precipitous decline. The growth pace was the most rapid in 2017 an increase of 282% against the previous year. The export price peaked at $X per kg in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per kg), while the average price for exports to Sweden ($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 Japan (-17.9%), 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 the Philippines

In 2022, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver into the Philippines declined notably to X kg, reducing by -80% compared with 2021 figures. Overall, imports saw a deep downturn. The growth pace was the most rapid in 2015 with an increase of 3,869% against the previous year. As a result, imports attained the peak of X kg. From 2016 to 2022, 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 declined markedly to $X in 2022. Over the period under review, imports continue to indicate a significant decrease. The pace of growth was the most pronounced in 2015 with an increase of 10,503%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

Japan (X kg) and Singapore (X kg) were the main suppliers of imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to the Philippines.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of 0.0%).

In value terms, the largest non-silver precious metal goldsmiths ware articles suppliers to the Philippines were Japan ($X) and Singapore ($X).

In terms of the main suppliers, Singapore, with a CAGR of +2.1%, saw the highest rates of growth with regard to the value of imports, over the period under review.

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, reducing by -25.3% against the previous year. In general, the import price recorded a drastic downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by 2,452%. Over the period under review, average import prices reached the maximum at $X per kg in 2019; however, from 2020 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 amounted to $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+2.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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