South-Eastern Asia: Silver Market 2024

Silver Market Size in South-Eastern Asia

The Southeast Asian silver market rose notably to $X in 2023, surging by X% against the previous year. Overall, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market remained at a lower figure.

Silver Production in South-Eastern Asia

In value terms, silver production rose remarkably to $X in 2023 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Silver Exports

Exports in South-Eastern Asia

Silver exports contracted markedly to X tons in 2023, declining by X% on the previous year. Total exports indicated a slight increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2016 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, silver exports fell notably to $X in 2023. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

Singapore represented the main exporter of silver including silver plated with gold or platinum in South-Eastern Asia, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2023. Indonesia (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (X%) and Lao People's Democratic Republic (X%). Malaysia (X tons) took a relatively small share of total exports.

Singapore experienced a relatively flat trend pattern with regard to volume of exports of silver including silver plated with gold or platinum. At the same time, Lao People's Democratic Republic (X%), Indonesia (X%) and Malaysia (X%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of X% from 2012-2023. Thailand experienced a relatively flat trend pattern. While the share of Indonesia (X p.p.) and Lao People's Democratic Republic (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Singapore (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest silver supplying countries in South-Eastern Asia were Indonesia ($X), Singapore ($X) and Lao People's Democratic Republic ($X), with a combined X% share of total exports.

Among the main exporting countries, Lao People's Democratic Republic, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in South-Eastern Asia amounted to $X per ton, dropping by X% against the previous year. Overall, the export price showed a slight curtailment. The pace of growth was the most pronounced in 2017 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X,328 per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (X%), while the other leaders experienced mixed trends in the export price figures.

Silver Imports

Imports in South-Eastern Asia

In 2023, imports of silver including silver plated with gold or platinum in South-Eastern Asia contracted to X tons, which is down by X% compared with the previous year. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2023, imports remained at a lower figure.

In value terms, silver imports contracted markedly to $X in 2023. Over the period under review, imports continue to indicate a perceptible curtailment. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Thailand (X tons) was the key importer of silver including silver plated with gold or platinum, committing X% of total imports. Singapore (X tons) held the second position in the ranking, distantly followed by Malaysia (X tons), the Philippines (X tons) and Indonesia (X tons). All these countries together took approx. X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for the Philippines (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constitutes the largest market for imported silver including silver plated with gold or platinum in South-Eastern Asia, comprising X% of total imports. The second position in the ranking was held by Singapore ($X), with a X% share of total imports. It was followed by Malaysia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Thailand amounted to X%. In the other countries, the average annual rates were as follows: Singapore (X% per year) and Malaysia (X% per year).

Import Prices by Country

In 2023, the import price in South-Eastern Asia amounted to $X per ton, falling by X% against the previous year. Overall, the import price continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Malaysia ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform