Philippines: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in the Philippines

The Philippine market for precious metal ores and concentrates expanded modestly to $X in 2022, with an increase of 2.1% against the previous year. Overall, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.6% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; afterwards, it flattened through to 2022.

Production of Precious Metal Ores And Concentrates in the Philippines

In value terms, precious metal ore and concentrate production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by 24% against the previous year. Precious metal ore and concentrate production peaked at $X in 2020; afterwards, it flattened through to 2022.

Exports of Precious Metal Ores And Concentrates

Exports from the Philippines

Precious metal ore and concentrate exports from the Philippines skyrocketed to X tons in 2022, growing by 562% on the previous year's figure. In general, exports, however, continue to indicate a abrupt downturn. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, precious metal ore and concentrate exports fell to $X in 2022. Over the period under review, exports, however, faced a dramatic slump. The pace of growth appeared the most rapid in 2019 with an increase of 227%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for precious metal ore and concentrate exports from the Philippines, with a 84% share of total exports. Moreover, precious metal ore and concentrate exports to China exceeded the volume sent to the second major destination, Japan (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled +266.5%.

In value terms, Japan ($X) remains the key foreign market for precious metal ores and concentrates exports from the Philippines, comprising 70% of total exports. The second position in the ranking was held by China ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Japan stood at -30.3%.

Export Prices by Country

In 2022, the average export price for precious metal ores and concentrates amounted to $X per ton, dropping by -87.1% against the previous year. In general, the export price faced a precipitous slump. The growth pace was the most rapid in 2021 when the average export price increased by 37% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Japan ($X per ton), while the average price for exports to China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+10.0%), while the prices for the other major destinations experienced a decline.

Imports of Precious Metal Ores And Concentrates

Imports into the Philippines

After two years of decline, supplies from abroad of precious metal ores and concentrates increased by 602% to X kg in 2022. Over the period under review, imports, however, faced a dramatic curtailment. The pace of growth was the most pronounced in 2017 when imports increased by 4,706% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, precious metal ore and concentrate imports soared to $X in 2022. Overall, imports, however, saw a deep contraction. The growth pace was the most rapid in 2017 with an increase of 379%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Germany (X kg), the United States (X kg) and Hong Kong SAR (X kg) were the main suppliers of precious metal ore and concentrate imports to the Philippines.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +77.9%), while purchases for the other leaders experienced a decline.

In value terms, the United States ($X) constituted the largest supplier of precious metal ores and concentrates to the Philippines, comprising 62% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 25% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +54.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+92.7% per year) and Germany (-24.8% per year).

Import Prices by Country

In 2022, the average import price for precious metal ores and concentrates amounted to $X per ton, falling by -41.3% against the previous year. Overall, the import price, however, showed a significant increase. The most prominent rate of growth was recorded in 2016 when the average import price increased by 20,159%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average 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 Hong Kong SAR ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+167.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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