Republic of Korea: Semi-Manufactured Silver Market 2025

Semi-Manufactured Silver Market Size in Republic of Korea

In 2021, the South Korean semi-manufactured silver market decreased by -25.2% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption, however, continues to indicate a perceptible increase. Semi-manufactured silver consumption peaked at $X in 2020, and then fell markedly in the following year.

Semi-Manufactured Silver Production in Republic of Korea

In value terms, semi-manufactured silver production fell to $X in 2021 estimated in export price. Over the period under review, the total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +23.2% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 36%. Semi-manufactured silver production peaked at $X in 2020, and then shrank in the following year.

Semi-Manufactured Silver Exports

Exports from Republic of Korea

In 2021, shipments abroad of silver in semi-manufactured forms increased by 8.8% to X tons, rising for the second consecutive year after two years of decline. Overall, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 28% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, semi-manufactured silver exports declined to $X in 2021. Over the period under review, exports, however, recorded a noticeable contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 42% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand (X tons), Vietnam (X tons) and Australia (X tons) were the main destinations of semi-manufactured silver exports from South Korea, with a combined 45% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +66.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for semi-manufactured silver exported from South Korea were China ($X), the United States ($X) and Thailand ($X), together comprising 46% of total exports. These countries were followed by Vietnam, Australia, Japan, India, Mexico and Canada, which together accounted for a further 27%.

Vietnam, with a CAGR of +66.3%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average semi-manufactured silver export price stood at $X per ton in 2021, waning by -12.7% against the previous year. In general, the export price showed a perceptible decrease. The pace of growth appeared the most rapid in 2019 an increase of 52% against the previous year. 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 overseas markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Mexico ($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 Guatemala (+20.1%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Silver Imports

Imports into Republic of Korea

In 2021, semi-manufactured silver imports into South Korea reduced to X tons, with a decrease of -7.2% compared with the year before. Over the period under review, imports showed a pronounced reduction. The most prominent rate of growth was recorded in 2017 with an increase of 43%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, semi-manufactured silver imports rose notably to $X in 2021. Overall, total imports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% 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 +42.4% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 50%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, Japan (X tons) constituted the largest semi-manufactured silver supplier to South Korea, with a 71% share of total imports. Moreover, semi-manufactured silver imports from Japan exceeded the figures recorded by the second-largest supplier, the United States (X tons), fivefold. The third position in this ranking was taken by Germany (X tons), with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+27.9% per year) and Germany (-0.5% per year).

In value terms, Japan ($X), the United States ($X) and Germany ($X) appeared to be the largest semi-manufactured silver suppliers to South Korea, with a combined 93% share of total imports.

The United States, with a CAGR of +29.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average semi-manufactured silver import price stood at $X per ton in 2021, picking up by 21% against the previous year. In general, import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, semi-manufactured silver import price increased by +98.9% against 2013 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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