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Table 6: Selected International Commodity Prices and Outlook
approximately US$5 057.5 million in 2021. On the global front, safe-haven demand in the face of Covid-19-induced loose monetary and fiscal policies supported prices for gold and other precious minerals.
124. Additionally, supply disruptions for Platinum Group Metals (PGMs) in
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Russia and South Africa during the first half of 2021, largely on account of
Covid-19 restrictions on the back of strong demand, helped bolster global
PGM prices. Similarly, the relative easing of Covid-19 restrictions in China and other industrialized countries shored up demand for base metals, and hence supported their prices. Table 6 shows some selected average commodity prices for 2020 and 2021 as well as outlook for 2022.
Table 6: Selected International Commodity Prices and Outlook
Actual Estimate Projections Commodity Unit 2020 2021 2022
Precious Metals Gold us$/oz 1,770 1,795 1,750 Platinum us$/oz 883 1,091 1,000 Palladium us$/oz 2,197 2,450 2,021 Rhodium us$/oz 8,710 18,074 14,800 Base Metals Copper us$/tonne 6,174 9,317 8,800 Nickel us$/tonne 13,787 18,465 17,750 Zinc us$/tonne 2,266 3,003 2,822 Lead us$/tonne 1,825 2,200 2,100 Aluminium us$/tonne 1,704 2,473 2,700 Brent Crude Oil Brent Crude Oil us$/barrel 42 71 74 Grains Maize us$/tonne 165 260 225 Wheat us$/tonne 228 282 250
World Bank Price Database, 2022 & KITCO
125. Agriculture exports are estimated to have grown by 7.7% from US$871.7 in 2020 to US$939.1 million in 2021 led by tobacco exports, largely on account of the good agricultural season the country experienced. Manufactured exports, however, remained somewhat subdued, weighed down by lower jewellery and sugar exports amid low competitiveness and consequently loss of key markets.
