Egypt: Gold Market 2024

Gold Market Size in Egypt

The Egyptian gold market dropped to $X in 2021, reducing by -13% against the previous year. Over the period under review, consumption saw a abrupt descent. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Gold Production in Egypt

In value terms, gold production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a strong increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 63%. Over the period under review, production reached the maximum level at $X in 2020, and then reduced in the following year.

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Gold Exports

Exports from Egypt

In 2021, after two years of growth, there was significant decline in shipments abroad of gold, when their volume decreased by -65.6% to X tons. In general, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 467% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, gold exports plummeted to $X in 2021. Over the period under review, exports saw a perceptible reduction. The growth pace was the most rapid in 2016 with an increase of 324% against the previous year. The exports peaked at $X in 2020, and then reduced notably in the following year.

Exports by Country

Canada (X tons), the United Arab Emirates (X tons) and Australia (X tons) were the main destinations of gold exports from Egypt, with a combined 100% share of total exports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +33.5%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for gold exported from Egypt were Canada ($X), the United Arab Emirates ($X) and Australia ($X), with a combined 100% share of total exports.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +36.2%, saw the highest growth rate of the value of exports, 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, growing by 3% against the previous year. In general, export price indicated pronounced 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 +151.2% against 2016 indices. The pace of growth appeared the most rapid in 2017 an increase of 58% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in the near future.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per kg), while the average price for exports to the United Arab Emirates ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Lebanon (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Egypt

In 2021, supplies from abroad of gold was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports posted a significant increase. The most prominent rate of growth was recorded in 2013 when imports increased by 925% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, gold imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2013 when imports increased by 866% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the main gold supplier to Egypt, with a 94% share of total imports. Moreover, gold imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Canada (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates totaled +34.3%.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of gold to Egypt, comprising 94% of total imports. The second position in the ranking was held by Canada ($X), with a 6.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates stood at +32.9%.

Import Prices by Country

The average gold import price stood at $X per kg in 2021, surging by 7.8% against the previous year. Over the period under review, import price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold import price increased by +108.5% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the average import price increased by 93%. The import price peaked at $X per kg in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Canada ($X per kg), while the price for the United Arab Emirates amounted to $X per kg.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+7.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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