United Kingdom: Silver Market 2022

Silver Market Size in the UK

The UK silver market skyrocketed to $X in 2021, rising by X% against the previous year. In general, consumption, however, continues to indicate a deep contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Silver Production in the UK

In value terms, silver production totaled $X in 2021 estimated in export price. Overall, production continues to indicate a dramatic decline. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Silver Exports

Exports from the UK

In 2021, exports of silver including silver plated with gold or platinum from the UK dropped sharply to X tons, waning by -X% compared with 2020 figures. Overall, exports, however, showed a strong expansion. The growth pace was the most rapid in 2013 when exports increased by X%. Over the period under review, the exports reached the peak figure at X tons in 2020, and then declined remarkably in the following year.

In value terms, silver exports reduced modestly to $X in 2021. In general, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then dropped modestly in the following year.

Exports by Country

Canada (X tons), India (X tons) and Germany (X tons) were the main destinations of silver exports from the UK, with a combined X% share of total exports. These countries were followed by Switzerland, the United States, Spain and Belgium, which together accounted for a further X 2012 to 2021, the biggest increases were in Spain (with a CAGR of +X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) remains the key foreign market for silver exports from the UK, comprising X% of total exports. The second position in the ranking was held by India ($X), with a X% share of total exports. It was followed by Germany, with a X% share.

From 2012 to 2021, the average annual growth rate of value to Canada amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-X% per year) and Germany (+X% per year).

Export Prices by Country

In 2021, the average silver export price amounted to $X per ton, rising by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by X%. The export price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably for the major external markets. In 2021, the countries with the highest prices were Canada ($X per ton) and the United States ($X per ton), while the average price for exports to India ($X per ton) and Belgium ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Imports

Imports into the UK

In 2021, overseas purchases of silver including silver plated with gold or platinum increased by X% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, saw a perceptible contraction. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, silver imports surged to $X in 2021. Overall, imports, however, continue to indicate a noticeable curtailment. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Hong Kong SAR (X tons) constituted the largest silver supplier to the UK, with a X% share of total imports. Moreover, silver imports from Hong Kong SAR exceeded the figures recorded by the second-largest supplier, Kazakhstan (X tons), sixfold. The third position in this ranking was held by India (X tons), with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Hong Kong SAR stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Kazakhstan (+X% per year) and India (+X% per year).

In value terms, Hong Kong SAR ($X) constituted the largest supplier of silver to the UK, comprising X% of total imports. The second position in the ranking was held by Kazakhstan ($X), with an X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2021, the average annual growth rate of value from Hong Kong SAR stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Kazakhstan (+X% per year) and India (+X% per year).

Import Prices by Country

The average silver import price stood at $X per ton in 2021, surging by X% against the previous year. Over the period under review, the import price, however, continues to indicate a mild curtailment. The pace of growth was the most pronounced in 2020 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was India ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uzbekistan (+X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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