Republic of Korea: Silver Market 2025

Silver Market Size in Republic of Korea

The South Korean silver market contracted remarkably to $X in 2021, declining by -23.4% against the previous year. In general, consumption showed a abrupt decrease. Silver consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Silver Production in Republic of Korea

In value terms, silver production declined to $X in 2021 estimated in export price. Over the period under review, production saw a perceptible descent. The pace of growth appeared the most rapid in 2014 with an increase of 27%. Silver production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Silver Exports

Exports from Republic of Korea

In 2021, approx. X tons of silver including silver plated with gold or platinum were exported from South Korea; growing by 5.5% against the previous year. The total export volume increased at an average annual rate of +2.0% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2014 with an increase of 25%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, silver exports soared to $X in 2021. Over the period under review, exports, however, showed a noticeable slump. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for silver exports from South Korea, with a 48% share of total exports. Moreover, silver exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was held by China (X tons), with a 7.7% share.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+47.7% per year) and China (+4.2% per year).

In value terms, Japan ($X) remains the key foreign market for silver including silver plated with gold or platinum exports from South Korea, comprising 63% of total exports. The second position in the ranking was held by the United States ($X), with a 21% share of total exports. It was followed by Hong Kong SAR, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value to Japan totaled +1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+59.7% per year) and Hong Kong SAR (-9.3% per year).

Export Prices by Country

In 2021, the average silver export price amounted to $X per ton, with an increase of 24% against the previous year. Overall, the export price, however, saw a pronounced decline. The export price peaked at $X per ton 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 overseas markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Australia ($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 the United States (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Imports

Imports into Republic of Korea

In 2021, purchases abroad of silver including silver plated with gold or platinum increased by 11% to X tons, rising for the third year in a row after two years of decline. Over the period under review, imports, however, recorded a noticeable downturn. The growth pace was the most rapid in 2013 with an increase of 27% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, silver imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2020 with an increase of 39% against the previous year. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest silver supplier to South Korea, accounting for a 65% share of total imports. Moreover, silver imports from Japan exceeded the figures recorded by the second-largest supplier, France (X tons), fivefold. The United States (X tons) ranked third in terms of total imports with a 6.8% share.

From 2012 to 2021, the average annual growth rate of volume from Japan totaled -4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+6.1% per year) and the United States (+0.7% per year).

In value terms, the largest silver suppliers to South Korea were Japan ($X), the United States ($X) and France ($X), together accounting for 84% of total imports. Taiwan (Chinese), China and Thailand lagged somewhat behind, together accounting for a further 6.1%.

In terms of the main suppliers, Thailand, with a CAGR of +58.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average silver import price stood at $X per ton in 2021, with an increase of 4.9% against the previous year. Over the period under review, the import price, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2020 when the average import price increased by 33%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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 the United States ($X per ton), while the price for France ($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) (+5.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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