Philippines: Unwrought Silver Market 2024

Unwrought Silver Market Size in the Philippines

In 2021, the Philippine unwrought silver market decreased by -12.8% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption recorded a abrupt descent. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Unwrought Silver Production in the Philippines

In value terms, unwrought silver production soared to $X in 2021 estimated in export price. Overall, production recorded a deep slump. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Unwrought Silver Exports

Exports from the Philippines

In 2021, shipments abroad of silver, unwrought or in powder form increased by 58% to X tons, rising for the fourth year in a row after two years of decline. Overall, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2015 with an increase of 355% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, unwrought silver exports soared to $X in 2021. Over the period under review, exports saw pronounced growth. The most prominent rate of growth was recorded in 2015 with an increase of 229%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) (X tons), Hong Kong SAR (X tons) and Australia (X tons) were the main destinations of unwrought silver exports from the Philippines, with a combined 88% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Australia (with a CAGR of +481.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for unwrought silver exported from the Philippines were Hong Kong SAR ($X), Australia ($X) and Taiwan (Chinese) ($X), together accounting for 85% of total exports.

Among the main countries of destination, Australia, with a CAGR of +659.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average unwrought silver export price stood at $X per ton in 2021, increasing by 44% against the previous year. Overall, the export price, however, showed a perceptible shrinkage. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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 Italy ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+33.5%), while the prices for the other major destinations experienced more modest paces of growth.

Unwrought Silver Imports

Imports into the Philippines

In 2021, purchases abroad of silver, unwrought or in powder form decreased by -66.7% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 7,973% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, unwrought silver imports dropped notably to $X in 2021. In general, imports, however, saw a measured increase. The pace of growth appeared the most rapid in 2016 with an increase of 9,696%. Over the period under review, imports attained the maximum at $X in 2020, and then fell remarkably in the following year.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of unwrought silver to the Philippines, accounting for a 71% share of total imports. Moreover, unwrought silver imports from Japan exceeded the figures recorded by the second-largest supplier, Thailand (X kg), sixfold. The third position in this ranking was held by Vietnam (X kg), with an 8% share.

From 2012 to 2021, the average annual growth rate of volume from Japan amounted to +44.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-15.7% per year) and Vietnam (+41.4% per year).

In value terms, Japan ($X) constituted the largest supplier of silver, unwrought or in powder form to the Philippines, comprising 50% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 19% share of total imports. It was followed by Vietnam, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Japan stood at +30.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+479.1% per year) and Vietnam (+65.4% per year).

Import Prices by Country

The average unwrought silver import price stood at $X per ton in 2021, waning by -18.6% against the previous year. Over the period under review, the import price showed a precipitous descent. The most prominent rate of growth was recorded in 2017 an increase of 42%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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 Taiwan (Chinese) ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+36.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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