Republic of Korea: Unwrought Silver Market 2024

Unwrought Silver Market Size in Republic of Korea

The South Korean unwrought silver market skyrocketed to $X in 2021, surging by 29% against the previous year. Over the period under review, consumption, however, recorded 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.

Unwrought Silver Production in Republic of Korea

In value terms, unwrought silver production contracted to $X in 2021 estimated in export price. Overall, production recorded a deep reduction. The growth pace was the most rapid in 2020 when the production volume increased by 30% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Unwrought Silver Exports

Exports from Republic of Korea

In 2021, overseas shipments of silver, unwrought or in powder form increased by 0.8% to X tons, rising for the second year in a row after three years of decline. Overall, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 27%. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, unwrought silver exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a perceptible descent. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for unwrought silver exports from South Korea, with a 63% share of total exports. Moreover, unwrought silver exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), threefold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 5.6% share.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+76.6% per year) and Hong Kong SAR (-7.0% per year).

In value terms, Japan ($X) remains the key foreign market for silver, unwrought or in powder form exports from South Korea, comprising 66% of total exports. The second position in the ranking was taken by the United States ($X), with a 21% share of total exports. It was followed by Hong Kong SAR, with a 5.8% share.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+108.7% per year) and Hong Kong SAR (-9.2% per year).

Export Prices by Country

In 2021, the average unwrought silver export price amounted to $X per ton, surging by 30% against the previous year. In general, the export price, however, showed a perceptible descent. Over the period under review, the average export prices reached the peak figure 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 India ($X per ton), while the average price for exports to China ($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 (+18.2%), while the prices for the other major destinations experienced mixed trend patterns.

Unwrought Silver Imports

Imports into Republic of Korea

In 2021, the amount of silver, unwrought or in powder form imported into South Korea rose remarkably to X tons, growing by 11% against the year before. Over the period under review, imports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 27%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, unwrought silver imports soared to $X in 2021. Overall, imports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 with an increase of 38%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest unwrought silver supplier to South Korea, with a 63% share of total imports. Moreover, unwrought silver imports from Japan exceeded the figures recorded by the second-largest supplier, France (X tons), fourfold. The third position in this ranking was taken by the United States (X tons), with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume from Japan stood at -11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-0.9% per year) and the United States (-10.4% per year).

In value terms, the United States ($X), Japan ($X) and France ($X) appeared to be the largest unwrought silver suppliers to South Korea, with a combined 85% share of total imports. These countries were followed by Taiwan (Chinese), China and Thailand, which together accounted for a further 8.3%.

Among the main suppliers, Thailand, with a CAGR of +67.0%, recorded the highest rates of growth with regard to 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 unwrought silver import price stood at $X per ton in 2021, growing by 20% against the previous year. Overall, the import price, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2020 an increase of 31% against the previous year. The import price peaked 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) (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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