Silver Jewelry Price in South Korea - 2022
Contents:
- Silver Jewelry Price in South Korea (CIF) - 2022
- Silver Jewelry Price in South Korea (FOB) - 2022
- Silver Jewelry Imports in South Korea
- Silver Jewelry Exports in South Korea
Silver Jewelry Price in South Korea (CIF) - 2022
The average silver jewelry import price stood at $1.7M per ton in December 2022, rising by 6.3% against the previous month. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in September 2022 an increase of 62% m-o-m. As a result, import price attained the peak level of $2,285 per kg; afterwards, it flattened through to December 2022.
There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was the United States ($9.2M per ton), while the price for Vietnam ($498K per ton) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Silver Jewelry Price in South Korea (FOB) - 2022
The average silver jewelry export price stood at $1.8M per ton in December 2022, surging by 18% against the previous month. Over the period under review, the export price posted a measured increase. The pace of growth appeared the most rapid in February 2022 an increase of 147% m-o-m. Over the period under review, the average export prices hit record highs at $1.9M per ton in May 2022; afterwards, it flattened through to December 2022.
There were significant differences in the average prices for the major foreign markets. In December 2022, the country with the highest price was Hong Kong SAR ($5.7M per ton), while the average price for exports to China ($133K per ton) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+5.1%), while the prices for the other major destinations experienced mixed trend patterns.
Silver Jewelry Imports in South Korea
In 2022, imports of silver jewelry into South Korea expanded sharply to 44 tons, picking up by 7.4% on the year before. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 9.2%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.
In value terms, silver jewelry imports dropped slightly to $68M in 2022. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 18%. As a result, imports attained the peak of $68M, leveling off in the following year.
| Import of Silver Jewelry in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Italy | 12.0 | 17.2 | 26.4 | 25.6 | 28.7% |
| United States | 9.0 | 14.5 | 13.2 | 16.0 | 21.1% |
| Thailand | 29.5 | 11.9 | 11.8 | 11.4 | -27.2% |
| China | 9.2 | 6.2 | 6.8 | 7.3 | -7.4% |
| France | 0.9 | 1.6 | 1.5 | 1.0 | 3.6% |
| Vietnam | 0.6 | 0.9 | 0.6 | 0.6 | 0.0% |
| Others | 5.1 | 5.0 | 7.4 | 5.8 | 4.4% |
| Total | 66.5 | 57.3 | 67.9 | 67.7 | 0.6% |
Top Suppliers of Silver Jewelry to South Korea in 2022:
- Italy (22.4 tons)
- China (11.1 tons)
- Thailand (5.1 tons)
- United States (1.7 tons)
- Vietnam (0.8 tons)
- France (0.3 tons)
Silver Jewelry Exports in South Korea
After three years of growth, shipments abroad of silver jewelry decreased by -5% to 15 tons in 2022. In general, exports, however, posted significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 102%. As a result, the exports reached the peak of 16 tons, and then contracted in the following year.
In value terms, silver jewelry exports expanded to $13M in 2022. The total export value increased at an average annual rate of +2.2% over the period from 2019 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 3.1%. The exports peaked in 2022 and are expected to retain growth in the near future.
| Export of Silver Jewelry in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Hong Kong SAR | 0.5 | 1.6 | 0.9 | 3.8 | 96.6% |
| United States | 2.3 | 1.3 | 2.6 | 2.5 | 2.8% |
| Japan | 1.1 | 1.1 | 1.4 | 2.3 | 27.9% |
| Germany | 1.1 | 1.0 | 1.1 | 1.2 | 2.9% |
| China | 0.4 | 0.2 | 2.2 | 1.1 | 40.1% |
| United Kingdom | 0.8 | 0.7 | 1.0 | 0.7 | -4.4% |
| Canada | 4.2 | 5.0 | 2.1 | 0.3 | -58.5% |
| Thailand | 0.5 | 0.6 | 0.4 | 0.2 | -26.3% |
| Others | 1.2 | 0.8 | 1.1 | 0.8 | -12.6% |
| Total | 12.1 | 12.3 | 12.7 | 12.9 | 2.2% |
Top Export Markets for Silver Jewelry from South Korea in 2022:
- United States (4.5 tons)
- China (2.7 tons)
- Hong Kong SAR (2.5 tons)
- Japan (2.0 tons)
- Germany (1.6 tons)
- United Kingdom (0.3 tons)
- Thailand (0.2 tons)
- Canada (0.1 tons)
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