China: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in China

In 2022, the Chinese semi-manufactured gold market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, faced a sharp slump. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Semi-Manufactured Gold Production in China

In value terms, semi-manufactured gold production stood at $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. Over the period under review, production reached the maximum level in 2022 and is expected to retain growth in the near future.

Semi-Manufactured Gold Exports

Exports from China

In 2022, overseas shipments of gold, in semi-manufactured forms decreased by -29.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2021 when exports increased by 267%. As a result, the exports reached the peak of X tons, and then reduced markedly in the following year.

In value terms, semi-manufactured gold exports fell sharply to $X in 2022. Overall, exports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2021 when exports increased by 292%. As a result, the exports reached the peak of $X, and then shrank rapidly in the following year.

Exports by Country

South Korea (X kg) was the main destination for semi-manufactured gold exports from China, accounting for a 5.4% share of total exports. Moreover, semi-manufactured gold exports to South Korea exceeded the volume sent to the second major destination, the Philippines (X kg), threefold. Singapore (X kg) ranked third in terms of total exports with a 1.8% share.

From 2015 to 2022, the average annual growth rate of volume to South Korea totaled -6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+26.7% per year) and Singapore (+15.3% per year).

In value terms, South Korea ($X) remains the key foreign market for gold, in semi-manufactured forms exports from China, comprising 5.2% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 1.9% share of total exports. It was followed by Singapore, with a 1.7% share.

From 2015 to 2022, the average annual rate of growth in terms of value to South Korea stood at -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+35.3% per year) and Singapore (+20.8% per year).

Export Prices by Country

The average semi-manufactured gold export price stood at $X per kg in 2022, picking up by 2.1% against the previous year. Overall, export price indicated a remarkable increase from 2015 to 2022: its price increased at an average annual rate of +6.4% over the last seven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, semi-manufactured gold export price increased by +69.4% against 2016 indices. The most prominent rate of growth was recorded in 2020 an increase of 25%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the UK ($X per kg) and Italy ($X per kg), while the average price for exports to Vietnam ($X per kg) and Japan ($X per kg) were amongst the lowest.

From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into China

In 2022, purchases abroad of gold, in semi-manufactured forms increased by 12% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, continue to indicate a dramatic setback. The most prominent rate of growth was recorded in 2021 when imports increased by 54% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, semi-manufactured gold imports soared to $X in 2022. In general, imports, however, continue to indicate a dramatic slump. The pace of growth was the most pronounced in 2021 with an increase of 65% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

South Africa (X tons), Japan (X tons) and Russia (X tons) were the main suppliers of semi-manufactured gold imports to China, together accounting for 74% of total imports.

From 2015 to 2022, the biggest increases were recorded for Russia (with a CAGR of +91.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Africa ($X), Japan ($X) and Russia ($X) constituted the largest semi-manufactured gold suppliers to China, with a combined 73% share of total imports.

Russia, with a CAGR of +105.0%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average semi-manufactured gold import price stood at $X per kg in 2022, rising by 3.4% against the previous year. Over the period from 2015 to 2022, it increased at an average annual rate of +4.9%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 15% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see gradual growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Mexico ($X per kg) and Russia ($X per kg), while the price for South Africa ($X per kg) and Switzerland ($X per kg) were amongst the lowest.

From 2015 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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