Thailand: Semi-Manufactured Gold Market 2025

Semi-Manufactured Gold Market Size in Thailand

In 2022, the Thai semi-manufactured gold market increased by 19% to $X, rising for the second year in a row after four years of decline. Over the period under review, consumption, however, saw a abrupt decline. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Semi-Manufactured Gold Production in Thailand

In value terms, semi-manufactured gold production totaled $X in 2022 estimated in export price. Overall, production saw a precipitous shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 55%. Semi-manufactured gold production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Semi-Manufactured Gold Exports

Exports from Thailand

In 2022, approx. X kg of gold, in semi-manufactured forms were exported from Thailand; which is down by -55.9% against 2021. In general, exports continue to indicate a sharp curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 430%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, semi-manufactured gold exports fell notably to $X in 2022. Over the period under review, exports faced a significant curtailment. The growth pace was the most rapid in 2020 with an increase of 252% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X kg) was the main destination for semi-manufactured gold exports from Thailand, accounting for a 61% share of total exports. Moreover, semi-manufactured gold exports to Hong Kong SAR exceeded the volume sent to the second major destination, Japan (X kg), threefold. The third position in this ranking was held by the United States (X kg), with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR amounted to -33.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-17.7% per year) and the United States (+34.2% per year).

In value terms, Hong Kong SAR ($X), South Korea ($X) and Japan ($X) appeared to be the largest markets for semi-manufactured gold exported from Thailand worldwide, with a combined 88% share of total exports. The United States, Malaysia, Germany and Vietnam lagged somewhat behind, together accounting for a further 11%.

Vietnam, with a CAGR of +177.5%, saw 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 gold export price stood at $X per kg in 2022, falling by -49.1% against the previous year. Over the period under review, the export price saw a abrupt decline. The growth pace was the most rapid in 2019 an increase of 143% against the previous year. As a result, the export price attained the peak level of $X per kg. From 2020 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per kg), while the average price for exports to Vietnam ($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 (+15.9%), while the prices for the other major destinations experienced mixed trend patterns.

Semi-Manufactured Gold Imports

Imports into Thailand

After two years of growth, supplies from abroad of gold, in semi-manufactured forms decreased by -15.7% to X tons in 2022. In general, imports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2020 when imports increased by 53%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, semi-manufactured gold imports fell slightly to $X in 2022. Overall, imports continue to indicate a mild descent. The pace of growth was the most pronounced in 2020 when imports increased by 41% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest semi-manufactured gold supplier to Thailand, with a 51% share of total imports. Moreover, semi-manufactured gold imports from Malaysia exceeded the figures recorded by the second-largest supplier, Singapore (X tons), threefold. The third position in this ranking was taken by South Korea (X kg), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-18.9% per year) and South Korea (-3.5% per year).

In value terms, Malaysia ($X) constituted the largest supplier of gold, in semi-manufactured forms to Thailand, comprising 65% of total imports. The second position in the ranking was taken by South Korea ($X), with an 11% share of total imports. It was followed by Singapore, with a 9.1% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia stood at +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+2.6% per year) and Singapore (-14.9% per year).

Import Prices by Country

In 2022, the average semi-manufactured gold import price amounted to $X per kg, increasing by 18% against the previous year. Overall, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.9% 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 +96.1% against 2018 indices. The growth pace was the most rapid in 2019 an increase of 51% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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