Thailand: Unwrought Silver Market 2024

Unwrought Silver Market Size in Thailand

In 2021, the Thai unwrought silver market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption showed a relatively flat trend pattern. Unwrought silver consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Unwrought Silver Exports

Exports from Thailand

In 2021, overseas shipments of silver, unwrought or in powder form decreased by -80.7% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, exports continue to indicate a mild reduction. The pace of growth appeared the most rapid in 2014 with an increase of 373% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, unwrought silver exports fell sharply to $X in 2021. Overall, exports, however, recorded slight growth. The pace of growth was the most pronounced in 2014 when exports increased by 313%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

New Zealand (X tons), Indonesia (X tons) and Malaysia (X tons) were the main destinations of unwrought silver exports from Thailand, together accounting for 77% of total exports.

From 2012 to 2021, the biggest increases were recorded for New Zealand (with a CAGR of +196.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X), Indonesia ($X) and Malaysia ($X) appeared to be the largest markets for unwrought silver exported from Thailand worldwide, together accounting for 76% of total exports.

New Zealand, with a CAGR of +529.9%, recorded the highest growth rate of the value of exports, among 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 unwrought silver export price stood at $X per ton in 2021, surging by 59% against the previous year. Over the last nine years, it increased at an average annual rate of +2.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were New Zealand ($X per ton) and Switzerland ($X per ton), while the average price for exports to Malaysia ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+113.3%), while the prices for the other major destinations experienced more modest paces of growth.

Unwrought Silver Imports

Imports into Thailand

In 2021, supplies from abroad of silver, unwrought or in powder form was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, total imports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -35.8% against 2018 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 49% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, unwrought silver imports skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a slight reduction. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Belgium (X tons), Japan (X tons) and South Korea (X tons) were the main suppliers of unwrought silver imports to Thailand, together accounting for 71% of total imports. Germany, China, Switzerland, Hong Kong SAR and Indonesia lagged somewhat behind, together comprising a further 28%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +88.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X) constituted the largest supplier of silver, unwrought or in powder form to Thailand, comprising 39% of total imports. The second position in the ranking was held by Germany ($X), with an 18% share of total imports. It was followed by South Korea, with a 17% share.

From 2012 to 2021, the average annual growth rate of value from Belgium totaled +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.5% per year) and South Korea (-9.5% per year).

Import Prices by Country

In 2021, the average unwrought silver import price amounted to $X per ton, rising by 31% against the previous year. Overall, the import price, however, saw a perceptible curtailment. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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