Colombia: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Colombia

For the fifth consecutive year, the Colombian semi-manufactured gold market recorded growth in sales value, which increased by 0.2% to $X in 2022. In general, consumption, however, posted a significant expansion. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in years to come.

Semi-Manufactured Gold Production in Colombia

In value terms, semi-manufactured gold production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 35%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

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Semi-Manufactured Gold Exports

Exports from Colombia

In 2022, overseas shipments of gold, in semi-manufactured forms were finally on the rise to reach X tons after four years of decline. In general, exports, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 18% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, semi-manufactured gold exports stood at $X in 2022. Overall, exports, however, saw a perceptible descent. The pace of growth was the most pronounced in 2017 with an increase of 39% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Switzerland (X tons) was the main destination for semi-manufactured gold exports from Colombia, with a 90% share of total exports. It was followed by the United States (X kg), with a 2.1% share of total exports. Italy (X kg) ranked third in terms of total exports with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Switzerland amounted to -7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-2.2% per year) and Italy (+48.5% per year).

In value terms, Switzerland ($X) remains the key foreign market for gold, in semi-manufactured forms exports from Colombia, comprising 90% of total exports. The second position in the ranking was taken by the United States ($X), with a 2.5% share of total exports. It was followed by Belgium, with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Switzerland totaled -2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+1.4% per year) and Belgium (-12.5% per year).

Export Prices by Country

In 2022, the average semi-manufactured gold export price amounted to $X per kg, which is down by -9.8% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable increase. The most prominent rate of growth was recorded in 2020 an increase of 49% against the previous year. The export price peaked at $X per kg in 2021, and then dropped in the following year.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per kg) and India ($X per kg), while the average price for exports to Italy ($X per kg) and Switzerland ($X per kg) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into Colombia

In 2022, semi-manufactured gold imports into Colombia skyrocketed to X kg, rising by 67% against the year before. In general, imports, however, saw a deep downturn. The growth pace was the most rapid in 2020 with an increase of 100%. Over the period under review, imports reached the maximum at X kg in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, semi-manufactured gold imports soared to $X in 2022. Overall, imports, however, showed a abrupt decline. The growth pace was the most rapid in 2017 with an increase of 723%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X kg) constituted the largest supplier of semi-manufactured gold to Colombia, with a 60% share of total imports. Moreover, semi-manufactured gold imports from the United States exceeded the figures recorded by the second-largest supplier, Spain (X kg), sixfold. Germany (X kg) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to -14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (0.0% per year) and Germany (0.0% per year).

In value terms, the United States ($X) constituted the largest supplier of gold, in semi-manufactured forms to Colombia, comprising 84% of total imports. The second position in the ranking was held by Germany ($X), with an 11% share of total imports. It was followed by Italy, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled -18.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+12.6% per year) and Italy (-2.6% per year).

Import Prices by Country

In 2022, the average semi-manufactured gold import price amounted to $X per kg, declining by -14.1% against the previous year. In general, the import price recorded a deep slump. The most prominent rate of growth was recorded in 2017 an increase of 606% against the previous year. Over the period under review, average import prices attained the maximum at $X per kg in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per kg), while the price for Spain ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+33.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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