Which Country Imports the Most Platinum in the World?
The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2016, when import increased by 75% year-to-year. In that year, global platinum imports reached its maximum volume, and are likely to continue its growth in the immediate term.
In value terms, platinum imports amounted to $22B in 2016. In general, platinum imports continue to indicate a drastic curtailment. Global platinum import peaked of $39B in 2008; however, from 2009 to 2016, it failed to regain its strength.
Top Platinum Importing Countries in the World
1. United Kingdom (2,275.2 million USD)
2. Italy (1,262.1 million USD)
3. Spain (43.9 million USD)
4. Slovakia (39.7 million USD)
5. Czech Republic (33.8 million USD)
6. South Africa (18.5 million USD)
7. Hungary (0.4 million USD)
Platinum Imports By Country
In 2016, Hungary (4.5K tonnes) was the largest importer for platinum, making up 43% of total imports. Czech Republic (1.8K tonnes) took the second position in the ranking, distantly followed by Slovakia (566 tonnes), South Africa (564 tonnes), the UK (505 tonnes), and Spain (476 tonnes). All these countries together took near 38% share of total imports. The following importers - Italy (441 tonnes) occupied approx. 4% of total imports, each.
Hungary was also the fastest growing in terms of the platinum imports, with a CAGR of +140.3% from 2007 to 2016. At the same time, Slovakia (+5.5%), and South Africa (+1.1%) displayed positive paces of growth. Italy, Spain, and Czech Republic experienced a relatively flat trend pattern. By contrast, the UK (-3.3%) illustrated a downward trend over the same period. From 2007 to 2016, the share of the UK increased by 2% percentage points, while Slovakia (-2.1%), and Hungary (-43.2%) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the largest platinum markets worldwide were the UK ($2.3B), Italy ($1.3B) and Spain ($44M), together accounting for 16% of global imports.
The UK (+2.7% per year) had the highest growth rate of platinum imports, in terms of the main importing countries, over the last 9 years, while the other global leaders experienced a decline in the imports figures.
Platinum Import Prices By Country
In 2016, the average import price for platinum amounted to $2.1K per kg, falling by -46.9% against the previous year. Overall, platinum import price continues to indicate a abrupt slump. The pace of growth appeared the most rapid in 2010, when import price increased by 27% year-to-year. Over the period under review, average platinum import price reached its maximum level of $5.4K per kg in 2011; however, from 2012 to 2016, it stood at a somewhat lower level.
There were significant differences in the average import prices amongst major importing countries. In 2016, the country with the highest import prices was the UK ($4.5K per kg), while Hungary ($87 per tonne) was among the lowest.
From 2007 to 2016, the most notable growth rate of platinum import prices was attained by the UK (+6.2% per year), while the other global leaders experienced mixed trends in the import price figures.