Singapore: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Singapore

For the third year in a row, the Singaporean semi-manufactured gold market recorded growth in sales value, which increased by 40% to $X in 2022. In general, consumption saw a remarkable increase. Semi-manufactured gold consumption peaked in 2022 and is expected to retain growth in the near future.

Semi-Manufactured Gold Production in Singapore

In value terms, semi-manufactured gold production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 13% against the previous year. Semi-manufactured gold production peaked at $X in 2020; afterwards, it flattened through to 2022.

Semi-Manufactured Gold Exports

Exports from Singapore

In 2022, approx. X tons of gold, in semi-manufactured forms were exported from Singapore; dropping by -1.9% against 2021 figures. In general, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2015 when exports increased by 729%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, semi-manufactured gold exports contracted to $X in 2022. Over the period under review, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 1,579%. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Cambodia (X tons) was the main destination for semi-manufactured gold exports from Singapore, accounting for a 41% share of total exports. Moreover, semi-manufactured gold exports to Cambodia exceeded the volume sent to the second major destination, Malaysia (X tons), twofold. The United States (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cambodia stood at +81.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+14.7% per year) and the United States (+32.3% per year).

In value terms, Cambodia ($X) remains the key foreign market for gold, in semi-manufactured forms exports from Singapore, comprising 49% of total exports. The second position in the ranking was held by Malaysia ($X), with a 19% share of total exports. It was followed by China, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cambodia amounted to +84.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+24.0% per year) and China (+37.3% per year).

Export Prices by Country

The average semi-manufactured gold export price stood at $X per kg in 2022, which is down by -3.5% against the previous year. Overall, the export price, however, showed resilient growth. The pace of growth was the most pronounced in 2021 an increase of 137% against the previous year. As a result, the export price reached the peak level of $X per kg, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cambodia ($X per kg), while the average price for exports to Taiwan (Chinese) ($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 China (+20.7%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into Singapore

In 2022, imports of gold, in semi-manufactured forms into Singapore soared to X tons, jumping by 24% on 2021. In general, imports showed significant growth. The pace of growth appeared the most rapid in 2015 when imports increased by 1,967% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, semi-manufactured gold imports surged to $X in 2022. Over the period under review, imports posted significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 1,886%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Switzerland (X tons) constituted the largest supplier of semi-manufactured gold to Singapore, accounting for a 36% share of total imports. Moreover, semi-manufactured gold imports from Switzerland exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. Australia (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Switzerland stood at +164.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+13.6% per year) and Australia (+69.1% per year).

In value terms, Switzerland ($X) constituted the largest supplier of gold, in semi-manufactured forms to Singapore, comprising 36% of total imports. The second position in the ranking was taken by Japan ($X), with a 17% share of total imports. It was followed by Australia, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland stood at +185.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+14.5% per year) and Australia (+70.4% per year).

Import Prices by Country

The average semi-manufactured gold import price stood at $X per kg in 2022, almost unchanged from the previous year. Overall, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, semi-manufactured gold import price increased by +53.4% against 2015 indices. The most prominent rate of growth was recorded in 2020 an increase of 27% against the previous year. The import price peaked at $X per kg in 2021, and then contracted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+36.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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