Republic of Korea - Gold - Market Analysis, Forecast, Size, Trends and Insights
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View PricingGold Price in South Korea - 2022
Contents:
- Gold Price in South Korea (CIF) - 2022
- Gold Price in South Korea (FOB) - 2022
- Gold Imports in South Korea
- Gold Exports in South Korea
Gold Price in South Korea (CIF) - 2022
In 2022, the average gold import price amounted to $53,184,842 per ton, declining by -1.7% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 30% against the previous year. The import price peaked at $54,124,327 per ton in 2021, and then fell modestly in the following year.
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 Canada ($57,022,008 per ton), while the price for China ($27,254,215 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.
Gold Price in South Korea (FOB) - 2022
In December 2022, the average gold export price amounted to $41.6M per ton, dropping by -22.4% against the previous month. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in January 2022 an increase of 41% m-o-m. The export price peaked at $58.9M per ton in March 2022; however, from April 2022 to December 2022, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major overseas markets. In December 2022, the country with the highest price was Taiwan (Chinese) ($58.5M per ton), while the average price for exports to Vietnam ($10.2M per ton) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+1.7%), while the prices for the other major destinations experienced mixed trend patterns.
Gold Imports in South Korea
In 2022, the amount of gold imported into South Korea declined markedly to 33 tons, falling by -31.2% against 2021. Over the period under review, imports, however, posted a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 163% against the previous year. As a result, imports attained the peak of 47 tons, and then reduced remarkably in the following year.
In value terms, gold imports dropped dramatically to $1.7B in 2022. Overall, imports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 184%. As a result, imports reached the peak of $2.6B, and then dropped sharply in the following year.
| Import of Gold in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Australia | 82.0 | 179 | 1,115 | 749 | 109.0% |
| Hong Kong SAR | 127 | 201 | 422 | 283 | 30.6% |
| Japan | 212 | 302 | 350 | 235 | 3.5% |
| Canada | 123 | 23.2 | 259 | 174 | 12.3% |
| Switzerland | 195 | 61.7 | 114 | 81.0 | -25.4% |
| China | 41.7 | 74.1 | 87.1 | 58.5 | 11.9% |
| United States | 6.3 | 7.0 | 58.7 | 39.4 | 84.2% |
| Indonesia | 28.4 | 21.2 | 45.6 | 30.7 | 2.6% |
| Others | 72.5 | 36.8 | 119 | 86.4 | 6.0% |
| Total | 888 | 906 | 2,570 | 1,738 | 25.1% |
Top Suppliers of Gold to South Korea in 2022:
- Australia (13.3 tons)
- Hong Kong SAR (5.0 tons)
- Japan (4.2 tons)
- Canada (3.1 tons)
- China (2.1 tons)
- Switzerland (1.7 tons)
- United States (0.8 tons)
- Indonesia (0.5 tons)
Gold Exports in South Korea
In 2022, the amount of gold exported from South Korea soared to 23 tons, growing by 75% compared with the previous year. In general, exports, however, continue to indicate a relatively flat trend pattern.
In value terms, gold exports skyrocketed to $1.2B in 2022. Over the period under review, exports saw resilient growth. The most prominent rate of growth was recorded in 2020 when exports increased by 93% against the previous year. As a result, the exports reached the peak of $1.7B. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.
| Export of Gold in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Hong Kong SAR | 200 | 897 | 150 | 422 | 28.3% |
| Singapore | 156 | 416 | 32.8 | 205 | 9.5% |
| Taiwan (Chinese) | 85.3 | 107 | 122 | 128 | 14.5% |
| China | 171 | 53.8 | 71.1 | 100 | -16.4% |
| Philippines | 58.3 | 48.3 | 66.8 | 70.0 | 6.3% |
| Vietnam | 39.7 | 61.4 | 62.9 | 65.9 | 18.4% |
| Thailand | 76.4 | 18.1 | 38.8 | 45.2 | -16.1% |
| Japan | 47.8 | 43.3 | 33.9 | 42.4 | -3.9% |
| Others | 51.0 | 65.1 | 117 | 124 | 34.5% |
| Total | 885 | 1,710 | 695 | 1,203 | 10.8% |
Top Export Markets for Gold from South Korea in 2022:
- Hong Kong SAR (7.5 tons)
- Singapore (3.6 tons)
- Vietnam (3.1 tons)
- China (2.2 tons)
- Taiwan (Chinese) (2.0 tons)
- Philippines (0.8 tons)
- Thailand (0.8 tons)
- Japan (0.7 tons)
This report provides an in-depth analysis of the gold market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 24412030 - Gold, unwrought or in powder form for non-monetary use (including plated with platinum)
- Prodcom 24412035 -
- Prodcom 24412040 -
- Prodcom 24412050 - Gold, in semi-manufactured forms for non-monetary use (including plated with platinum) (excluding unwrought or in powder form)
- Prodcom 24412070 - Monetary gold (including gold plated with platinum)
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
-
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
-
3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
-
4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
-
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
-
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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