Colombia: Unwrought Silver Market 2024

Unwrought Silver Market Size in Colombia

The Colombian unwrought silver market soared to $X in 2023, growing by X% against the previous year. Over the period under review, consumption continues to indicate a noticeable expansion. Unwrought silver consumption peaked at $X in 2013; however, from 2014 to 2023, consumption failed to regain momentum.

Unwrought Silver Production in Colombia

In value terms, unwrought silver production reached $X in 2023 estimated in export price. In general, production, however, saw a perceptible descent. The growth pace was the most rapid in 2020 when the production volume increased by X% against the previous year. Unwrought silver production peaked at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

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Unwrought Silver Exports

Exports from Colombia

In 2023, the amount of silver, unwrought or in powder form exported from Colombia reached X tons, remaining constant against 2022 figures. In general, exports, however, showed a deep setback. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, unwrought silver exports expanded markedly to $X in 2023. Over the period under review, exports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Australia (X tons) and Chile (X tons) were the main destinations of unwrought silver exports from Colombia, with a combined X% share of total exports. Free Zones, Uruguay, Italy and Norway lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Uruguay (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for silver, unwrought or in powder form exports from Colombia, comprising X% of total exports. The second position in the ranking was held by Australia ($X), with a X% share of total exports. It was followed by Chile, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Chile (X% per year).

Export Prices by Country

The average unwrought silver export price stood at $X per ton in 2023, surging by X% against the previous year. Over the period under review, the export price, however, showed a perceptible shrinkage. The growth pace was the most rapid in 2020 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Norway ($X per ton) was amongst the lowest.

From 2012 to 2023, 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.

Unwrought Silver Imports

Imports into Colombia

In 2023, imports of silver, unwrought or in powder form into Colombia surged to X tons, increasing by X% compared with 2022 figures. Overall, imports recorded a measured expansion. The pace of growth was the most pronounced in 2013 when imports increased by X%. As a result, imports attained the peak of X tons. From 2014 to 2023, the growth of imports failed to regain momentum.

In value terms, unwrought silver imports soared to $X in 2023. Over the period under review, imports showed a remarkable increase. Imports peaked at $X in 2021; however, from 2022 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, the United States (X tons) constituted the largest unwrought silver supplier to Colombia, accounting for a X% share of total imports. Moreover, unwrought silver imports from the United States exceeded the figures recorded by the second-largest supplier, Italy (X kg), sevenfold. The third position in this ranking was taken by Mexico (X kg), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Mexico (X% per year).

In value terms, the United States ($X) constituted the largest supplier of silver, unwrought or in powder form to Colombia, comprising X% of total imports. The second position in the ranking was held by Mexico ($X), with a X% share of total imports. It was followed by Norway, with a X% share.

From 2012 to 2023, the average annual growth rate of value from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (X% per year) and Norway (X% per year).

Import Prices by Country

In 2023, the average unwrought silver import price amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price posted a prominent increase. The pace of growth appeared the most rapid in 2014 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2021; however, from 2022 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform