Global Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size

After three years of growth, the global semi-manufactured gold market decreased by -15.8% to $X in 2022. Over the period under review, consumption saw a slight decline. Over the period under review, the global market attained the peak level at $X in 2021, and then contracted dramatically in the following year.

Semi-Manufactured Gold Production

In value terms, semi-manufactured gold production stood at $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume increased by 16%. Global production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Semi-Manufactured Gold Exports

Exports

In 2022, approx. X tons of gold, in semi-manufactured forms were exported worldwide; rising by 19% on the year before. Overall, total exports indicated a strong increase from 2012 to 2022: its volume 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, exports increased by +23.2% against 2018 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 83%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the global exports failed to regain momentum.

In value terms, semi-manufactured gold exports surged to $X in 2022. In general, exports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2013 when exports increased by 126%. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The UK was the largest exporting country with an export of around X tons, which finished at 42% of total exports. Singapore (X tons) ranks second in terms of the total exports with a 9.1% share, followed by Australia (7.6%), Switzerland (5.9%) and Ghana (4.8%). The Philippines (X tons), Mexico (X tons), South Africa (X tons), Uzbekistan (X tons), Burkina Faso (X tons) and Belgium (X tons) followed a long way behind the leaders.

Exports from the UK increased at an average annual rate of +19.2% from 2012 to 2022. At the same time, Belgium (+45.1%), Singapore (+14.9%), Switzerland (+12.8%), the Philippines (+6.7%), Burkina Faso (+5.4%) and Ghana (+1.2%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in the world, with a CAGR of +45.1% from 2012-2022. By contrast, Australia (-2.6%), Uzbekistan (-2.8%), South Africa (-5.6%) and Mexico (-7.1%) illustrated a downward trend over the same period. While the share of the UK (+30 p.p.), Singapore (+5.4 p.p.), Switzerland (+3 p.p.), Uzbekistan (+2.3 p.p.) and Belgium (+1.8 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Ghana (-2.2 p.p.), South Africa (-5.9 p.p.), Mexico (-7.7 p.p.) and Australia (-8.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the UK ($X) remains the largest semi-manufactured gold supplier worldwide, comprising 48% of global exports. The second position in the ranking was held by Singapore ($X), with an 8.7% share of global exports. It was followed by Australia, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the UK stood at +42.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (+24.2% per year) and Australia (-1.3% per year).

Export Prices by Country

In 2022, the average semi-manufactured gold export price amounted to $X per kg, remaining constant against the previous year. Over the period under review, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.5% 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 +71.7% against 2014 indices. The pace of growth was the most pronounced in 2013 when the average export price increased by 24%. The global export price peaked at $X per kg in 2021, and then fell modestly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Burkina Faso ($X per kg), while the Philippines ($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 UK (+19.7%), while the other global leaders experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports

For the third year in a row, the global market recorded decline in purchases abroad of gold, in semi-manufactured forms, which decreased by -11.5% to X tons in 2022. In general, imports, however, saw prominent growth. The growth pace was the most rapid in 2016 when imports increased by 72% against the previous year. Over the period under review, global imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, semi-manufactured gold imports shrank to $X in 2022. Overall, imports, however, recorded a remarkable increase. The growth pace was the most rapid in 2016 when imports increased by 89% against the previous year. Over the period under review, global imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the UK (X tons) represented the major importer of gold, in semi-manufactured forms, creating 37% of total imports. Singapore (X tons) ranks second in terms of the total imports with a 14% share, followed by the United Arab Emirates (7.7%) and South Africa (7.6%). Italy (X tons), Spain (X tons), Germany (X tons), Cambodia (X tons), Malaysia (X tons), France (X tons), the United States (X tons) and Slovakia (X tons) followed a long way behind the leaders.

Imports into the UK increased at an average annual rate of +21.8% from 2012 to 2022. At the same time, South Africa (+92.2%), Cambodia (+43.2%), Singapore (+26.7%), the United Arab Emirates (+16.6%), Slovakia (+11.9%), Spain (+10.5%), the United States (+8.9%), Germany (+6.0%), France (+4.3%) and Malaysia (+4.2%) displayed positive paces of growth. Moreover, South Africa emerged as the fastest-growing importer imported in the world, with a CAGR of +92.2% from 2012-2022. Italy experienced a relatively flat trend pattern. The UK (+24 p.p.), Singapore (+11 p.p.), South Africa (+7.6 p.p.), the United Arab Emirates (+3.3 p.p.) and Cambodia (+2.6 p.p.) significantly strengthened its position in terms of the global imports, while Italy saw its share reduced by -7.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the UK ($X) constitutes the largest market for imported gold, in semi-manufactured forms worldwide, comprising 48% of global imports. The second position in the ranking was held by Singapore ($X), with an 18% share of global imports. It was followed by the United Arab Emirates, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value in the UK stood at +27.0%. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+29.3% per year) and the United Arab Emirates (+18.0% per year).

Import Prices by Country

In 2022, the average semi-manufactured gold import price amounted to $X per kg, reducing by -2.4% against the previous year. Overall, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 import price decreased by -10.8% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the average import price increased by 28% against the previous year. As a result, import price reached the peak level of $X per kg. From 2021 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per kg), while Spain ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+11.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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