Ireland: Gold Market 2022

Gold Market Size in Ireland

In 2021, the Irish gold market decreased by -X% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, posted significant growth. Gold consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Gold Exports

Exports from Ireland

In 2021, shipments abroad of gold increased by X% to X tons, rising for the third year in a row after two years of decline. Overall, exports enjoyed resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, gold exports soared to $X in 2021. In general, exports, however, recorded a noticeable downturn. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X kg) was the main destination for gold exports from Ireland, with a X% share of total exports. Moreover, gold exports to the United States exceeded the volume sent to the second major destination, the UK (X kg), twofold. Switzerland (X kg) 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 the United States totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+X% per year) and Switzerland (-X% per year).

In value terms, the United States ($X) emerged as the key foreign market for gold exports from Ireland, comprising X% of total exports. The second position in the ranking was held by Germany ($X), with an X% share of total exports. It was followed by Switzerland, with an X% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-X% per year) and Switzerland (-X% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, waning by -X% against the previous year. Overall, the export price saw a abrupt descent. The pace of growth was the most pronounced in 2017 when the average export price increased by X%. Over the period under review, the average export prices attained the maximum at $X per kg in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per kg), while the average price for exports to the UK ($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 Switzerland (-X%), while the prices for the other major destinations experienced a decline.

Gold Imports

Imports into Ireland

In 2021, overseas purchases of gold decreased by -X% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, saw a significant expansion. The growth pace was the most rapid in 2013 when imports increased by X%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, gold imports reduced sharply to $X in 2021. In general, imports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Germany (X tons) constituted the largest supplier of gold to Ireland, accounting for a X% share of total imports. Moreover, gold imports from Germany exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. The third position in this ranking was held by the UK (X tons), with an X% share.

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

In value terms, the United States ($X) constituted the largest supplier of gold to Ireland, comprising X% of total imports. The second position in the ranking was taken by Switzerland ($X), with a X% share of total imports. It was followed by Germany, with an X% share.

From 2012 to 2021, the average annual growth rate of value from the United States stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+X% per year) and Germany (+X% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, dropping by -X% against the previous year. In general, the import price recorded a abrupt slump. The pace of growth appeared the most rapid in 2015 an increase of X%. Over the period under review, average import prices hit record highs at $X per kg in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per kg), while the price for Germany ($X per kg) was amongst the lowest.

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

Source: IndexBox Market Intelligence Platform

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