Hungary: Unwrought Silver Market 2024

Unwrought Silver Market Size in Hungary

In 2023, the Hungarian unwrought silver market decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. Overall, consumption showed a abrupt setback. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2023, consumption remained at a lower figure.

Unwrought Silver Production in Hungary

In value terms, unwrought silver production fell modestly to $X in 2023 estimated in export price. Over the period under review, production, however, posted resilient growth. The pace of growth appeared the most rapid in 2016 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2023, production stood at a somewhat lower figure.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Unwrought Silver Exports

Exports from Hungary

In 2023, the amount of silver, unwrought or in powder form exported from Hungary expanded slightly to X tons, rising by X% on 2022. In general, exports posted significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, unwrought silver exports shrank to $X in 2023. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

Exports by Country

Turkey (X tons) was the main destination for unwrought silver exports from Hungary, accounting for a X% share of total exports. Moreover, unwrought silver exports to Turkey exceeded the volume sent to the second major destination, China (X tons), fourfold. The United States (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2023, the average annual growth rate of volume to Turkey totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and the United States (X% per year).

In value terms, the largest markets for unwrought silver exported from Hungary were Romania ($X), Germany ($X) and Turkey ($X), together comprising X% of total exports. Italy, the United States, Mexico, the Czech Republic, China, the UK, Malaysia and Ukraine lagged somewhat behind, together comprising a further X%.

The UK, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average unwrought silver export price stood at $X per ton in 2023, which is down by X% against the previous year. In general, the export price saw a abrupt downturn. The most prominent rate of growth was recorded in 2014 when the average export price increased by X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Romania ($X,691 per ton), while the average price for exports to Turkey ($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 Mexico (X%), while the prices for the other major destinations experienced more modest paces of growth.

Unwrought Silver Imports

Imports into Hungary

In 2023, overseas purchases of silver, unwrought or in powder form decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, imports showed a noticeable shrinkage. The growth pace was the most rapid in 2020 with an increase of X%. Imports peaked at X tons in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, unwrought silver imports stood at $X in 2023. Overall, imports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked in 2023 and are likely to continue growth in the immediate term.

Imports by Country

In 2023, the United States (X tons) constituted the largest unwrought silver supplier to Hungary, with a X% share of total imports. Moreover, unwrought silver imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. The third position in this ranking was held by Germany (X tons), 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: China (X% per year) and Germany (X% per year).

In value terms, the largest unwrought silver suppliers to Hungary were the United States ($X), Germany ($X) and Switzerland ($X), together comprising X% of total imports. The Netherlands, Italy, China, Romania, Taiwan (Chinese) and the UK lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, China, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average unwrought silver import price stood at $X per ton in 2023, rising by X% against the previous year. Over the period under review, the import price posted a buoyant expansion. The pace of growth was the most pronounced in 2015 an increase of X%. Over the period under review, average import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Romania ($X per ton), while the price for China ($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 Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform