Republic of Korea: 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 Republic of Korea

For the third consecutive year, the South Korean market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver recorded growth in sales value, which increased by 1.8% to $X in 2022. In general, consumption continues to indicate a moderate increase. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

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

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver dropped to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 5.9% against the previous year. As a result, production attained the peak level of $X, and then reduced in the following year.

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

Exports from Republic of Korea

In 2022, after two years of decline, there was significant growth in shipments abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, when their volume increased by 1,764% to X tons. In general, exports recorded a significant increase. The growth pace was the most rapid in 2017 with an increase of 8,101% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver soared to $X in 2022. Overall, exports showed significant growth. The pace of growth appeared the most rapid in 2021 when exports increased by 335%. Over the period under review, the exports of attained the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

Japan (X tons) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from South Korea, accounting for a 68% share of total exports. Moreover, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Japan exceeded the volume sent to the second major destination, Germany (X kg), fourfold. Singapore (X kg) ranked third in terms of total exports with a 4.8% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled +33.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+69.9% per year) and Singapore (+66.9% per year).

In value terms, Hong Kong SAR ($X), Singapore ($X) and Japan ($X) constituted the largest markets for non-silver precious metal goldsmiths ware articles exported from South Korea worldwide, together comprising 88% of total exports.

In terms of the main countries of destination, Singapore, with a CAGR of +90.8%, recorded 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

In 2022, the average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, falling by -85.9% against the previous year. Overall, the export price, however, saw a resilient increase. The pace of growth appeared the most rapid in 2018 an increase of 4,125% against the previous year. Over the period under review, the average export prices hit record highs at $X per kg in 2021, and then declined sharply in the following year.

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 Hong Kong SAR ($X per kg), while the average price for exports to Germany ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+80.5%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into Republic of Korea

In 2022, supplies from abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 488% to X tons, rising for the second consecutive year after two years of decline. Overall, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 1,096%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver soared to $X in 2022. In general, imports recorded a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 674%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

China (X kg), Italy (X kg) and the UK (X kg) were the main suppliers of imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to South Korea, with a combined 72% share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +166.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to South Korea, comprising 50% of total imports. The second position in the ranking was taken by Italy ($X), with a 21% share of total imports. It was followed by Switzerland, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +450.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+62.2% per year) and Switzerland (+31.9% per year).

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, with a decrease of -37.6% against the previous year. In general, the import price showed a abrupt curtailment. The pace of growth appeared the most rapid in 2019 an increase of 418%. The import price peaked at $X per kg in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per kg), while the price for Taiwan (Chinese) ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+180.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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