Central Asia: Gold Market 2024

Gold Market Size in Central Asia

For the third consecutive year, the Central Asian gold market recorded decline in sales value, which decreased by -12% to $X in 2021. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Gold Production in Central Asia

In value terms, gold production shrank to $X in 2021 estimated in export price. In general, production continues to indicate a resilient increase. The pace of growth was the most pronounced in 2017 with an increase of 40%. Over the period under review, production attained the maximum level at $X in 2020, and then shrank in the following year.

Gold Exports

Exports in Central Asia

In 2021, exports of gold in Central Asia soared to X tons, picking up by 43% against the year before. In general, exports continue to indicate prominent growth. The growth pace was the most rapid in 2017 when exports increased by 511%. The volume of export peaked in 2021 and is likely to see gradual growth in years to come.

In value terms, gold exports surged to $X in 2021. Overall, exports posted significant growth. The growth pace was the most rapid in 2017 with an increase of 514%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Kazakhstan (X tons) and Uzbekistan (X tons) represented roughly 83% of total exports in 2021. It was distantly followed by Kyrgyzstan (X tons), comprising a 14% share of total exports. Tajikistan (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Tajikistan (with a CAGR of +21.2%), while the other leaders experienced more modest paces of growth.

In value terms, Kazakhstan ($X), Uzbekistan ($X) and Kyrgyzstan ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 97% of total exports. Tajikistan lagged somewhat behind, accounting for a further 3.4%.

In terms of the main exporting countries, Tajikistan, with a CAGR of +22.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Central Asia amounted to $X per kg, almost unchanged from the previous year. Export price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold export price increased by +58.8% against 2015 indices. The pace of growth appeared the most rapid in 2020 an increase of 29%. Over the period under review, the export prices reached the maximum in 2021 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Tajikistan ($X per kg) and Kazakhstan ($X per kg), while Uzbekistan ($X per kg) and Kyrgyzstan ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uzbekistan (+8.3%), while the other leaders experienced more modest paces of growth.

Gold Imports

Imports in Central Asia

In 2021, the amount of gold imported in Central Asia soared to X tons, picking up by 24% against 2020 figures. Over the period under review, imports recorded significant growth. The pace of growth was the most pronounced in 2015 when imports increased by 5,435% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, gold imports expanded remarkably to $X in 2021. In general, imports saw a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 9,556% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

Kazakhstan dominates imports structure, resulting at X tons, which was near 92% of total imports in 2021. It was distantly followed by Kyrgyzstan (X kg), achieving a 5.3% share of total imports. Uzbekistan (X kg) held a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to gold imports into Kazakhstan stood at +92.6%. At the same time, Uzbekistan (+278.4%) and Kyrgyzstan (+3.8%) displayed positive paces of growth. Moreover, Uzbekistan emerged as the fastest-growing importer imported in Central Asia, with a CAGR of +278.4% from 2012-2021. From 2012 to 2021, the share of Kazakhstan and Uzbekistan increased by +86 and +2.4 percentage points, respectively.

In value terms, Kazakhstan ($X) constitutes the largest market for imported gold in Central Asia, comprising 92% of total imports. The second position in the ranking was held by Kyrgyzstan ($X), with a 5.2% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Kazakhstan stood at +102.3%. In the other countries, the average annual rates were as follows: Kyrgyzstan (+3.5% per year) and Uzbekistan (+286.4% per year).

Import Prices by Country

The import price in Central Asia stood at $X per kg in 2021, reducing by -10.9% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the import price increased by 112% against the previous year. Over the period under review, import prices reached the maximum at $X per kg in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Uzbekistan ($X per kg), while Kyrgyzstan ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kazakhstan (+5.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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