Ecuador: Gold Market 2024

Gold Market Size in Ecuador

The Ecuadorian gold market fell significantly to $X in 2021, waning by -41.6% against the previous year. Overall, consumption saw a precipitous curtailment. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Gold Production in Ecuador

In value terms, gold production dropped markedly to $X in 2021 estimated in export price. Overall, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +43.4% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 87%. As a result, production reached the peak level of $X, and then reduced dramatically in the following year.

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Gold Exports

Exports from Ecuador

In 2021, shipments abroad of gold increased by 45% to X tons, rising for the fourth consecutive year after three years of decline. In general, exports showed a slight increase. The most prominent rate of growth was recorded in 2014 when exports increased by 80% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, gold exports skyrocketed to $X in 2021. Over the period under review, exports recorded noticeable growth. The pace of growth was the most pronounced in 2020 with an increase of 95% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Switzerland (X tons), the United States (X tons) and Italy (X kg) were the main destinations of gold exports from Ecuador, with a combined 92% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +45.5%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for gold exported from Ecuador were Switzerland ($X), the United States ($X) and Italy ($X), with a combined 92% share of total exports.

Italy, with a CAGR of +31.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average gold export price stood at $X per kg in 2021, picking up by 4.5% against the previous year. In general, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold export price increased by +99.1% against 2019 indices. The growth pace was the most rapid in 2020 when the average export price increased by 91% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see steady growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were the United States ($X per kg) and Italy ($X per kg), while the average price for exports to Switzerland ($X per kg) and India ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+6.3%), while the prices for the other major destinations experienced a decline.

Gold Imports

Imports into Ecuador

In 2021, approx. X kg of gold were imported into Ecuador; which is down by -20% compared with the year before. Overall, total imports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +33.3% against 2012 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 33% against the previous year. Imports peaked at X kg in 2020, and then fell sharply in the following year.

In value terms, gold imports reduced markedly to $X in 2021. In general, imports recorded a noticeable shrinkage. The growth pace was the most rapid in 2019 with an increase of 10% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Italy (X kg) and the UK (X kg) were the main suppliers of gold imports to Ecuador. Moreover, gold imports in Italy exceeded the figures recorded by the second-largest supplier, the UK, twofold.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +8.0%).

In value terms, the largest gold suppliers to Ecuador were Italy ($X), the United States ($X) and the UK ($X), together accounting for 88% of total imports.

Italy, with a CAGR of +86.6%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average gold import price stood at $X per kg in 2021, with a decrease of -20.5% against the previous year. Over the period under review, the import price recorded a abrupt setback. The most prominent rate of growth was recorded in 2019 an increase of 10%. Over the period under review, average import prices hit record highs at $X per kg in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per kg), while the price for the UK totaled $X per kg.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+75.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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