Singapore: 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 Singapore

After five years of decline, the Singaporean market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 515% to $X in 2022. Over the period under review, consumption, however, continues to indicate a mild shrinkage. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

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

Exports from Singapore

In 2022, the amount of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exported from Singapore skyrocketed to X kg, growing by 247% against the previous year. Over the period under review, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 429% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver expanded rapidly to $X in 2022. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 493% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Singapore, accounting for a 70% share of total exports. Moreover, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to the United Arab Emirates exceeded the volume sent to the second major destination, Hong Kong SAR (X kg), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to +1,460.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+38.0% per year) and Malaysia (+27.1% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exports from Singapore, comprising 71% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 5.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR stood at +31.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+760.6% per year) and Malaysia (+27.4% per year).

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, shrinking by -67.4% against the previous year. Over the period under review, the export price faced a deep slump. The most prominent rate of growth was recorded in 2013 an increase of 42%. The export price peaked at $X per kg in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per kg), while the average price for exports to the United Arab Emirates ($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 Malaysia (+0.2%), while the prices for the other major destinations experienced a decline.

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

Imports into Singapore

After three years of decline, overseas purchases of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 566% to X tons in 2022. In general, imports showed modest growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver skyrocketed to $X in 2022. Overall, imports, however, saw a deep downturn. The growth pace was the most rapid in 2016 with an increase of 239%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of non-silver precious metal goldsmiths ware articles to Singapore, with a 79% share of total imports. Moreover, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Malaysia exceeded the figures recorded by the second-largest supplier, France (X kg), sixfold. The third position in this ranking was held by China (X kg), with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: France (+56.5% per year) and China (+80.0% per year).

In value terms, Malaysia ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Singapore, comprising 62% of total imports. The second position in the ranking was held by China ($X), with a 20% share of total imports. It was followed by France, with a 2.2% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia totaled -11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+49.8% per year) and France (+30.5% 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, falling by -73.6% against the previous year. In general, the import price recorded a deep setback. The growth pace was the most rapid in 2021 an increase of 188% against the previous year. Over the period under review, average import prices reached the maximum at $X per kg in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per kg), while the price for France ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-5.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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