Pakistan: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Pakistan

The Pakistani semi-manufactured gold market stood at $X in 2022, surging by 3% against the previous year. Over the period under review, consumption recorded a significant increase. Semi-manufactured gold consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Semi-Manufactured Gold Production in Pakistan

In value terms, semi-manufactured gold production expanded slightly to $X in 2022 estimated in export price. Overall, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.4% against 2020 indices. The growth pace was the most rapid in 2019 with an increase of 17%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Semi-Manufactured Gold Exports

Exports from Pakistan

For the tenth year in a row, Pakistan recorded decline in overseas shipments of gold, in semi-manufactured forms, which decreased by -8.8% to X kg in 2022. In general, exports showed a precipitous descent. The smallest decline of -1.1% was in 2021. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, semi-manufactured gold exports fell modestly to $X in 2022. Over the period under review, exports saw a abrupt decline. The most prominent rate of growth was recorded in 2013 when exports increased by 8.9%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for semi-manufactured gold exports from Pakistan, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates totaled -21.6%.

In value terms, the United Arab Emirates ($X) also remains the key foreign market for gold, in semi-manufactured forms exports from Pakistan.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates amounted to -17.6%.

Export Prices by Country

In 2022, the average semi-manufactured gold export price amounted to $X per kg, picking up by 6.9% against the previous year. Over the period under review, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.1% 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 export price increased by +63.3% against 2016 indices. The growth pace was the most rapid in 2013 an increase of 16% against the previous year. The export price peaked in 2022 and is likely to continue growth in years to come.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to +5.1% per year.

Semi-Manufactured Gold Imports

Imports into Pakistan

In 2022, supplies from abroad of gold, in semi-manufactured forms was finally on the rise to reach X kg for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, continue to indicate a deep setback. The growth pace was the most rapid in 2017 when imports increased by 122%. Over the period under review, imports attained the maximum at X kg in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, semi-manufactured gold imports soared to $X in 2022. Overall, imports, however, recorded a deep contraction. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X kg) constituted the largest supplier of semi-manufactured gold to Pakistan, with a 47% share of total imports. Moreover, semi-manufactured gold imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the United States (X kg), threefold. The UK (X kg) ranked third in terms of total imports with an 18% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates totaled +23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.8% per year) and the UK (-26.9% per year).

In value terms, the largest semi-manufactured gold suppliers to Pakistan were the United Arab Emirates ($X), the UK ($X) and the United States ($X), with a combined 99% share of total imports.

The United Arab Emirates, with a CAGR of +64.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average semi-manufactured gold import price amounted to $X per kg, increasing by 23% against the previous year. Overall, the import price, however, continues to indicate a pronounced decline. Over the period under review, average import prices reached the peak figure at $X per kg in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+33.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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