Middle East: Gold Market 2024

Gold Market Size in the Middle East

The Middle Eastern gold market declined notably to $X in 2021, waning by -38.6% against the previous year. Overall, consumption, however, recorded a prominent increase. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Gold Production in the Middle East

In value terms, gold production dropped to $X in 2021 estimated in export price. The total production indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +71.1% against 2015 indices. The most prominent rate of growth was recorded in 2016 with an increase of 33% against the previous year. The level of production peaked at $X in 2020, and then declined in the following year.

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

Gold Exports

Exports in the Middle East

In 2021, shipments abroad of gold increased by 6.8% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, exports, however, showed a abrupt shrinkage. The pace of growth was the most pronounced in 2015 with an increase of 29% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, gold exports rose markedly to $X in 2021. Overall, exports, however, showed a perceptible descent. The pace of growth was the most pronounced in 2016 with an increase of 67%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, resulting at X tons, which was near 82% of total exports in 2021. Turkey (X tons) held an 8.6% share (based on physical terms) of total exports, which put it in second place, followed by Iraq (5.8%).

From 2012 to 2021, average annual rates of growth with regard to gold exports from the United Arab Emirates stood at -9.2%. Iraq (-5.1%) and Turkey (-14.7%) illustrated a downward trend over the same period. The United Arab Emirates (+3.4 p.p.) and Iraq (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Turkey saw its share reduced by -5.9% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest gold supplier in the Middle East, comprising 82% of total exports. The second position in the ranking was held by Turkey ($X), with an 8.5% share of total exports.

In the United Arab Emirates, gold exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Turkey (-13.9% per year) and Iraq (-5.1% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per kg, picking up by 5.3% against the previous year. In general, the export price continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2016 when the export price increased by 51%. Over the period under review, the export prices hit record highs in 2021 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per kg), while Iraq ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.7%), while the other leaders experienced more modest paces of growth.

Gold Imports

Imports in the Middle East

In 2021, gold imports in the Middle East dropped markedly to X tons, shrinking by -28.7% against the previous year. In general, imports showed a deep reduction. The growth pace was the most rapid in 2013 when imports increased by 90% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, gold imports declined notably to $X in 2021. Overall, imports, however, saw a slight increase. The most prominent rate of growth was recorded in 2013 with an increase of 86% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the major importer of gold in the Middle East, with the volume of imports resulting at X tons, which was approx. 63% of total imports in 2021. It was distantly followed by Turkey (X tons), creating a 20% share of total imports. Jordan (X tons), Kuwait (X tons), Lebanon (X tons), Saudi Arabia (X tons) and Oman (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to gold imports into the United Arab Emirates stood at -9.1%. At the same time, Jordan (+26.5%), Oman (+17.1%) and Kuwait (+9.1%) displayed positive paces of growth. Moreover, Jordan emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +26.5% from 2012-2021. By contrast, Turkey (-2.9%), Lebanon (-5.4%) and Saudi Arabia (-13.8%) illustrated a downward trend over the same period. Turkey (+6.8 p.p.), Jordan (+3.4 p.p.), Kuwait (+2.6 p.p.) and Oman (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia and the United Arab Emirates saw its share reduced by -1.8% and -13.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported gold in the Middle East, comprising 50% of total imports. The second position in the ranking was taken by Turkey ($X), with a 20% share of total imports. It was followed by Saudi Arabia, with a 14% share.

In the United Arab Emirates, gold imports expanded at an average annual rate of +1.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (-3.6% per year) and Saudi Arabia (+5.6% per year).

Import Prices by Country

The import price in the Middle East stood at $X per kg in 2021, falling by -7% against the previous year. In general, the import price, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2016 when the import price increased by 38% against the previous year. Over the period under review, import prices hit record highs at $X per kg in 2020, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Saudi Arabia ($X per kg), while the United Arab Emirates ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+22.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :