Japan to become world's leading gold importer in 2024

 

From being in the list of world’s top 10 gold exporters, Japan is on the verge of becoming the top importer of gold in 2024. As per the trade forecast, Japanese companies tend to invest in the gold sector. Due to which, the country’s gold imports are likely to rise. According to the Japan import export data, the overall gold imports were estimated to be $388 million in 2023. 

Japan’s gold imports mostly came from Malaysia accounting for 12% of the country’s overall gold imports. South Korea was the second biggest gold supplier to Japan with 10% share. Switzerland was the third biggest gold supplier to Japan responsible for 10% of the country's overall gold imports. Vietnam, the United States, China and the United Arab Emirates were the fastest growing markets for Japan's gold imports.

Japan is among the top 20 gold exporters in the world. Japan export data shows around $8.4 billion during 2023. It is the 14th major exported product from Japan. Japan's most prominent markets for gold exports were Hong Kong, Singapore, United Kingdom, Taiwan, Switzerland, Malaysia and South Korea.

Thailand, United Arab Emirates and the United States were the fastest growing markets for Japan’s gold exports. Japan is also the 9th biggest platinum exporter in the world. During 2023, Japan will export over $1.4 billion worth of platinum. 

The most prominent destinations for Japan's platinum exports were China, Hong Kong, Switzerland, Singapore, Taiwan, South Korea, Malaysia and the United Kingdom. Tanaka Kikinzoku Kogyo and Mitsui Mining & Smelting were responsible for the maximum number of shipments in 2023.

As per Japan import data, the country’s platinum imports are expected to be $10 billion in 2023. South Africa, which is the world’s leading platinum exporter, accounted for 58% of Japan's overall platinum imports. The United Kingdom, Russia, the United States, Germany and South Korea were among the most favoured destinations for the imports of platinum by Japan.

Japan's precious metals imports were estimated to be around $24 Billion during last year. South Africa was the leading precious metals exporter in the world followed by South Korea, Russia, United Kingdom, United States, Russia and Taiwan. Whereas, Hong Kong, Singapore, China and Switzerland were the top importers of precious metals from Japan.

As the global market forecasts suggest the rise in imports of metals by Japan, this is the best time for worldwide metal suppliers to extend their exports in Japan. Through global import export data providers can assist companies in getting the global market insights at their fingertips. They have the highly advanced BI tool with the global countries trade data which companies can avail at less cost and extend their business.

Companies could find top trading companies, their top exports, imports, price forecasts, ports volume, competitor shipment records and global importers exporters list. This global companies trade database could lend companies tons of genuine buyers from Japan and their contacts that would be helpful in building the list of potential clients. A data based marketing approach could help companies shape their metal export business to Japan.