Greece: Silver Market 2022

Silver Market Size in Greece

In 2021, the Greek silver market decreased by -X% to $X, falling for the second consecutive year after four years of growth. Overall, consumption faced a deep slump. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Silver Exports

Exports from Greece

In 2021, overseas shipments of silver including silver plated with gold or platinum increased by X% to X tons, rising for the second year in a row after six years of decline. In general, exports, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by X%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, silver exports rose markedly to $X in 2021. Overall, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

Turkey (X tons) was the main destination for silver exports from Greece, with a X% share of total exports. Moreover, silver exports to Turkey exceeded the volume sent to the second major destination, Italy (X tons), sixfold. Cyprus (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Turkey amounted to -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-X% per year) and Cyprus (-X% per year).

In value terms, Turkey ($X) remains the key foreign market for silver exports from Greece, comprising X% of total exports. The second position in the ranking was taken by Germany ($X), with a X% share of total exports. It was followed by Hong Kong SAR, with a X% share.

From 2012 to 2021, the average annual growth rate of value to Turkey totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-X% per year) and Hong Kong SAR (-X% per year).

Export Prices by Country

In 2021, the average silver export price amounted to $X per ton, approximately equating the previous year. In general, the export price, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2020 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then dropped modestly in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+X%), while the prices for the other major destinations experienced mixed trend patterns.

Silver Imports

Imports into Greece

In 2021, supplies from abroad of silver including silver plated with gold or platinum decreased by -X% to X tons, falling for the second year in a row after four years of growth. In general, imports saw a deep setback. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, silver imports shrank significantly to $X in 2021. Over the period under review, imports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Italy (X tons) constituted the largest supplier of silver to Greece, accounting for a X% share of total imports. Moreover, silver imports from Italy exceeded the figures recorded by the second-largest supplier, Germany (X tons), sevenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-X% per year) and Spain (-X% per year).

In value terms, Italy ($X), Germany ($X) and Spain ($X) constituted the largest silver suppliers to Greece, together comprising X% of total imports.

Among the main suppliers, Spain, with a CAGR of +X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average silver import price stood at $X per ton in 2021, jumping by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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