Republic of Korea: Platinum Market 2024

Platinum Market Size in Republic of Korea

In 2021, the South Korean platinum market was finally on the rise to reach $X for the first time since 2013, thus ending a seven-year declining trend. In general, consumption, however, continues to indicate a drastic downturn. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Platinum Production in Republic of Korea

In value terms, platinum production stood at $X in 2021 estimated in export price. Overall, production, however, recorded a abrupt slump. The pace of growth was the most pronounced in 2013 with an increase of 12%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Platinum Exports

Exports from Republic of Korea

Platinum exports from South Korea rose modestly to X tons in 2021, picking up by 2.4% against 2020 figures. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 32%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, platinum exports skyrocketed to $X in 2021. Over the period under review, exports recorded a buoyant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 99%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons) was the main destination for platinum exports from South Korea, with a 41% share of total exports. Moreover, platinum exports to Hong Kong SAR exceeded the volume sent to the second major destination, Japan (X kg), twofold. The UK (X kg) ranked third in terms of total exports with a 16% share.

From 2012 to 2021, the average annual growth rate of volume to Hong Kong SAR stood at +56.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-4.3% per year) and the UK (+10.1% per year).

In value terms, Hong Kong SAR ($X), the UK ($X) and Japan ($X) were the largest markets for platinum exported from South Korea worldwide, together comprising 78% of total exports. The United States, Taiwan (Chinese), Switzerland, Singapore and Germany lagged somewhat behind, together comprising a further 21%.

In terms of the main countries of destination, Singapore, with a CAGR of +109.8%, saw the highest rates of growth with regard to 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 platinum export price stood at $X per kg in 2021, surging by 30% against the previous year. Over the period under review, the export price showed a prominent increase. The most prominent rate of growth was recorded in 2020 an increase of 76% against the previous year. The export price peaked in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the UK ($X per kg), while the average price for exports to Switzerland ($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 Singapore (+27.6%), while the prices for the other major destinations experienced more modest paces of growth.

Platinum Imports

Imports into Republic of Korea

Platinum imports into South Korea rose sharply to X tons in 2021, with an increase of 11% against 2020 figures. Overall, total imports indicated pronounced growth from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +90.2% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 34%. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in years to come.

In value terms, platinum imports surged to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the UK (X tons) constituted the largest platinum supplier to South Korea, with a 44% share of total imports. Moreover, platinum imports from the UK exceeded the figures recorded by the second-largest supplier, Belgium (X kg), threefold. The United States (X kg) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from the UK amounted to +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+68.7% per year) and the United States (+3.9% per year).

In value terms, the UK ($X) constituted the largest supplier of platinum to South Korea, comprising 51% of total imports. The second position in the ranking was held by Belgium ($X), with a 15% share of total imports. It was followed by Norway, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from the UK amounted to +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+60.8% per year) and Norway (+17.6% per year).

Import Prices by Country

The average platinum import price stood at $X per kg in 2021, jumping by 51% against the previous year. In general, the import price, however, recorded a pronounced slump. The import price peaked at $X per kg in 2012; however, from 2013 to 2021, import prices stood at a somewhat 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 Germany ($X per kg), while the price for the United States ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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