Republic of Korea: Gold Market 2024

Gold Market Size in Republic of Korea

The South Korean gold market surged to $X in 2021, growing by 221% against the previous year. Over the period under review, consumption saw a significant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Gold Production in Republic of Korea

In value terms, gold production declined sharply to $X in 2021 estimated in export price. In general, production saw a pronounced decline. The most prominent rate of growth was recorded in 2020 when the production volume increased by 177% against the previous year. Gold production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

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Gold Exports

Exports from Republic of Korea

After three years of growth, overseas shipments of gold decreased by -60.1% to X tons in 2021. Overall, exports showed a drastic downturn. The pace of growth appeared the most rapid in 2019 with an increase of 45% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, gold exports fell markedly to $X in 2021. In general, exports showed a abrupt downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 93% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X tons), Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons) were the main destinations of gold exports from South Korea, together accounting for 58% of total exports. These countries were followed by China, the Philippines, the United Arab Emirates, Thailand, Singapore, Switzerland, Japan, Indonesia, India and Mongolia, which together accounted for a further 41%.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +93.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), Taiwan (Chinese) ($X) and China ($X) constituted the largest markets for gold exported from South Korea worldwide, with a combined 49% share of total exports. These countries were followed by the Philippines, Vietnam, the United Arab Emirates, Thailand, Japan, Singapore, Switzerland, Indonesia, India and Mongolia, which together accounted for a further 50%.

India, with a CAGR of +201.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average gold export price stood at $X per kg in 2021, with an increase of 1.9% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 39%. The export price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per kg), while the average price for exports to Mongolia ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mongolia (+164.5%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Republic of Korea

In 2021, purchases abroad of gold was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports saw prominent growth. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, gold imports soared to $X in 2021. Over the period under review, imports continue to indicate resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Australia (X tons) constituted the largest supplier of gold to South Korea, with a 41% share of total imports. Moreover, gold imports from Australia exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), threefold. Japan (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Australia amounted to +18.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-2.9% per year) and Japan (+3.2% per year).

In value terms, Australia ($X) constituted the largest supplier of gold to South Korea, comprising 43% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 16% share of total imports. It was followed by Japan, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Australia totaled +19.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-2.2% per year) and Japan (+4.3% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, with an increase of 7.8% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 30% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Canada ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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