GCC: Unwrought Silver Market 2024

Unwrought Silver Market Size in GCC

The GCC unwrought silver market skyrocketed to $X in 2023, with an increase of X% against the previous year. Over the period under review, consumption, however, continues to indicate a abrupt slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Unwrought Silver Production in GCC

In value terms, unwrought silver production expanded to $X in 2023 estimated in export price. The total production indicated a temperate expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2020 with an increase of X%. The level of production peaked at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Unwrought Silver Exports

Exports in GCC

In 2023, the amount of silver, unwrought or in powder form exported in GCC contracted rapidly to X tons, with a decrease of X% against 2022 figures. In general, exports saw a deep setback. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, unwrought silver exports declined to $X in 2023. Over the period under review, exports showed a abrupt setback. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, reaching X tons, which was near X% of total exports in 2023. Saudi Arabia (X tons) took a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to unwrought silver exports from the United Arab Emirates stood at X%. At the same time, Saudi Arabia (X%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Saudi Arabia increased by X percentage points.

In value terms, the United Arab Emirates ($X) remains the largest unwrought silver supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in the United Arab Emirates amounted to X%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, surging by X% against the previous year. Overall, the export price showed a moderate expansion. The pace of growth appeared the most rapid in 2016 an increase of X%. Over the period under review, the export prices attained the maximum at $X per ton in 2021; however, from 2022 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Saudi Arabia ($X,410 per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Unwrought Silver Imports

Imports in GCC

In 2023, the amount of silver, unwrought or in powder form imported in GCC skyrocketed to X tons, increasing by X% on 2022. In general, imports, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2023, imports failed to regain momentum.

In value terms, unwrought silver imports surged to $X in 2023. Overall, imports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2023, imports failed to regain momentum.

Imports by Country

The United Arab Emirates prevails in imports structure, amounting to X tons, which was near X% of total imports in 2023. Saudi Arabia (X tons) ranks second in terms of the total imports with an X% share, followed by Kuwait (X%). The following importers - Bahrain (X tons) and Qatar (X tons) - each finished at a X% share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of X% from 2012 to 2023. At the same time, Kuwait (X%), Saudi Arabia (X%), Bahrain (X%) and Qatar (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. Saudi Arabia (X p.p.), Kuwait (X p.p.), Bahrain (X p.p.) and Qatar (X p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported silver, unwrought or in powder form in GCC, comprising X% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

From 2012 to 2023, the average annual growth rate of value in the United Arab Emirates totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, picking up by X% against the previous year. Overall, the import price posted a buoyant increase. The pace of growth was the most pronounced in 2013 when the import price increased by X% against the previous year. The level of import peaked at $X,911 per ton in 2021; however, from 2022 to 2023, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Kuwait ($X per ton), while the United Arab Emirates ($X per ton) and Bahrain ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform