Lithuania: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Lithuania

For the seventh consecutive year, the Lithuanian semi-manufactured gold market recorded growth in sales value, which increased by 37% to $X in 2022. Over the period under review, consumption continues to indicate significant growth. Semi-manufactured gold consumption peaked in 2022 and is likely to continue growth in the immediate term.

Semi-Manufactured Gold Exports

Exports from Lithuania

Semi-manufactured gold exports from Lithuania surged to X kg in 2022, growing by 133% against 2021. Over the period under review, exports, however, recorded a pronounced downturn. The pace of growth was the most pronounced in 2017 with an increase of 353%. As a result, the exports attained the peak of X kg. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, semi-manufactured gold exports soared to $X in 2022. Overall, exports, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2015 with an increase of 790%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Turkey (X kg) was the main destination for semi-manufactured gold exports from Lithuania, accounting for a 86% share of total exports. Moreover, semi-manufactured gold exports to Turkey exceeded the volume sent to the second major destination, Kazakhstan (X kg), more than tenfold. Germany (X kg) ranked third in terms of total exports with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey stood at +9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (0.0% per year) and Germany (-66.7% per year).

In value terms, Turkey ($X) emerged as the key foreign market for gold, in semi-manufactured forms exports from Lithuania, comprising 88% of total exports. The second position in the ranking was taken by Germany ($X), with a 9.4% share of total exports. It was followed by the UK, with a 1.9% share.

From 2012 to 2022, the average annual growth rate of value to Turkey totaled +9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-56.9% per year) and the UK (0.0% per year).

Export Prices by Country

The average semi-manufactured gold export price stood at $X per kg in 2022, rising by 33% against the previous year. In general, the export price, however, saw a perceptible setback. The most prominent rate of growth was recorded in 2015 when the average export price increased by 107% against the previous year. As a result, the export price attained the peak level of $X per kg. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per kg), while the average price for exports to Kazakhstan ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+29.2%), while the prices for the other major destinations experienced mixed trend patterns.

Semi-Manufactured Gold Imports

Imports into Lithuania

In 2022, overseas purchases of gold, in semi-manufactured forms increased by 29% to X kg, rising for the third year in a row after two years of decline. In general, imports saw significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 195%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the near future.

In value terms, semi-manufactured gold imports soared to $X in 2022. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 193% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Germany (X kg) constituted the largest supplier of semi-manufactured gold to Lithuania, with a 46% share of total imports. Moreover, semi-manufactured gold imports from Germany exceeded the figures recorded by the second-largest supplier, Switzerland (X kg), twofold. Latvia (X kg) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +38.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+131.0% per year) and Latvia (+42.7% per year).

In value terms, Germany ($X), Switzerland ($X) and Latvia ($X) constituted the largest semi-manufactured gold suppliers to Lithuania, together accounting for 85% of total imports.

Switzerland, with a CAGR of +232.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average semi-manufactured gold import price stood at $X per kg in 2022, surging by 11% against the previous year. Overall, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, semi-manufactured gold import price increased by +73.6% against 2018 indices. The growth pace was the most rapid in 2019 when the average import price increased by 33% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Estonia ($X per kg), while the price for Poland ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+44.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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