Report Update: Apr 1, 2024

Kuwait - Gold - Market Analysis, Forecast, Size, Trends and Insights

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Gold Price in Kuwait - 2021

Gold Price in Kuwait (CIF) - 2021

In December 2021, the average gold import price amounted to $56.2M per ton, shrinking by -3.4% against the previous month. Over the last eleven months, it increased at an average monthly rate of +2.3%. The pace of growth appeared the most rapid in April 2021 when the average import price increased by 31% m-o-m. Over the period under review, average import prices attained the maximum at $58.4M per ton in June 2021; afterwards, it flattened through to December 2021.

Average prices varied noticeably amongst the major supplying countries. In December 2021, the country with the highest price was Turkey ($59.1M per ton), while the price for the United Arab Emirates ($56.1M per ton) was amongst the lowest.

From January 2021 to December 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Gold Price in Kuwait (FOB) - 2021

The average gold export price stood at $53.1M per ton in December 2021, remaining relatively unchanged against the previous month. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in May 2021 when the average export price increased by 6.3% m-o-m. The export price peaked at $55.2M per ton in June 2021; afterwards, it flattened through to December 2021.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From January 2021 to December 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to -0.3% per month.

Gold Imports in Kuwait

In 2022, the amount of gold imported into Kuwait contracted dramatically to 14 tons, which is down by -30.2% on the previous year's figure. Overall, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 152%. As a result, imports attained the peak of 20 tons, and then shrank rapidly in the following year.

In value terms, gold imports declined dramatically to $733M in 2022. Over the period under review, imports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 140%. As a result, imports reached the peak of $1B, and then reduced remarkably in the following year.

Import of Gold in Kuwait (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United Arab Emirates	301	320	868	615	26.9%
Switzerland	42.5	84.5	138	106	35.6%
Bahrain	N/A	N/A	N/A	N/A	0%
Others	24.9	27.2	29.8	12.0	-21.6%
Total	369	431	1,036	733	25.7%

Top Suppliers of Gold to Kuwait in 2022:

Bahrain (12.5 tons)
United Arab Emirates (1.3 tons)
Switzerland (0.2 tons)

Gold Exports in Kuwait

In 2022, overseas shipments of gold decreased by -29.4% to 204 kg for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, recorded a significant increase. The growth pace was the most rapid in 2021 when exports increased by 145% against the previous year. As a result, the exports reached the peak of 289 kg, and then dropped sharply in the following year.

In value terms, gold exports reduced remarkably to $10M in 2022. In general, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 185% against the previous year. As a result, the exports attained the peak of $15M, and then contracted rapidly in the following year.

Export of Gold in Kuwait (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United Arab Emirates	3.1	4.7	14.7	9.7	46.3%
Turkey	N/A	0.6	N/A	0.5	-8.7%
Others	N/A	0.1	0.6	0.2	41.4%
Total	3.2	5.4	15.3	10.3	47.6%

Top Export Markets for Gold from Kuwait in 2022:

United Arab Emirates (194.0 kg)
Turkey (8.0 kg)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the gold market in Kuwait. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 24412030 - Gold, unwrought or in powder form for non-monetary use (including plated with platinum)
Prodcom 24412035 -
Prodcom 24412040 -
Prodcom 24412050 - Gold, in semi-manufactured forms for non-monetary use (including plated with platinum) (excluding unwrought or in powder form)
Prodcom 24412070 - Monetary gold (including gold plated with platinum)

Country coverage:

Kuwait

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Kuwait
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023