Thailand: Gold Market 2025

Gold Market Size in Thailand

After two years of decline, the Thai gold market increased by 159% to $X in 2021. In general, consumption saw mild growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Gold Production in Thailand

In value terms, gold production shrank to $X in 2021 estimated in export price. Overall, production, however, enjoyed resilient growth. The growth pace was the most rapid in 2013 when the production volume increased by 48%. Over the period under review, production hit record highs at $X in 2020, and then declined in the following year.

Gold Exports

Exports from Thailand

In 2021, after two years of growth, there was significant decline in overseas shipments of gold, when their volume decreased by -71.2% to X tons. Over the period under review, exports saw a abrupt decrease. The pace of growth was the most pronounced in 2016 with an increase of 93% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020, and then plummeted in the following year.

In value terms, gold exports declined remarkably to $X in 2021. In general, exports showed a deep setback. The growth pace was the most rapid in 2016 when exports increased by 91%. Over the period under review, the exports hit record highs at $X in 2020, and then reduced remarkably in the following year.

Exports by Country

Singapore (X tons) was the main destination for gold exports from Thailand, accounting for a 41% share of total exports. Moreover, gold exports to Singapore exceeded the volume sent to the second major destination, Switzerland (X tons), threefold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume to Singapore stood at +63.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-21.4% per year) and Hong Kong SAR (-18.4% per year).

In value terms, Singapore ($X) emerged as the key foreign market for gold exports from Thailand, comprising 43% of total exports. The second position in the ranking was taken by Switzerland ($X), with a 17% share of total exports. It was followed by Hong Kong SAR, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Singapore totaled +66.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-18.9% per year) and Hong Kong SAR (-10.6% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, approximately equating the previous year. Overall, export price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold export price increased by +99.4% against 2014 indices. The pace of growth appeared the most rapid in 2015 when the average export price increased by 23%. The export price peaked in 2021 and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Switzerland ($X per kg) and Singapore ($X per kg), while the average price for exports to Australia ($X per kg) and Hong Kong SAR ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Thailand

In 2021, overseas purchases of gold were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of 96%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, gold imports soared to $X in 2021. Overall, imports, however, saw a perceptible downturn. The growth pace was the most rapid in 2017 when imports increased by 92% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Switzerland (X tons) constituted the largest gold supplier to Thailand, accounting for a 45% share of total imports. Moreover, gold imports from Switzerland exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), twofold. Australia (X tons) ranked third in terms of total imports with a 9.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Switzerland amounted to -8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+14.9% per year) and Australia (-5.6% per year).

In value terms, Switzerland ($X) constituted the largest supplier of gold to Thailand, comprising 46% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 23% share of total imports. It was followed by Australia, with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland stood at -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+19.5% per year) and Australia (-1.8% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, surging by 8.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.5%. The pace of growth appeared the most rapid in 2020 an increase of 16%. Over the period under review, average import prices reached the peak figure in 2021 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Malaysia ($X per kg) and Hong Kong SAR ($X per kg), while the price for the United States ($X per kg) and Lao People's Democratic Republic ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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