Middle East: Silver Market 2024

Silver Market Size in the Middle East

The Middle Eastern silver market soared to $X in 2022, rising by X% against the previous year. The total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2015 indices. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Silver Production in the Middle East

In value terms, silver production expanded slightly to $X in 2022 estimated in export price. In general, production saw a slight reduction. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Silver Exports

Exports in the Middle East

For the third consecutive year, the Middle East recorded growth in overseas shipments of silver including silver plated with gold or platinum, which increased by X% to X tons in 2022. In general, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2020 when exports increased by X%. The volume of export peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, silver exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed a moderate increase. The growth pace was the most rapid in 2020 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Turkey represented the largest exporting country with an export of around X tons, which accounted for X% of total exports. It was distantly followed by the United Arab Emirates (X tons), comprising an X% share of total exports.

Turkey was also the fastest-growing in terms of the silver including silver plated with gold or platinum exports, with a CAGR of X% from 2012 to 2022. The United Arab Emirates (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey increased by X percentage points.

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

In Turkey, silver exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, rising by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Silver Imports

Imports in the Middle East

Silver imports skyrocketed to X tons in 2022, surging by X% compared with 2021. Over the period under review, imports recorded prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, silver imports surged to $X in 2022. Overall, imports continue to indicate strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey represented the largest importer of silver including silver plated with gold or platinum in the Middle East, with the volume of imports recording X tons, which was approx. X% of total imports in 2022. The United Arab Emirates (X tons) took the second position in the ranking, followed by Kuwait (X tons). All these countries together held near X% share of total imports. Israel (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to silver imports into Turkey stood at X%. At the same time, Kuwait (X%) and Israel (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2022. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. Turkey (X p.p.) and Kuwait (X p.p.) significantly strengthened its position in terms of the total imports, while Israel and the United Arab Emirates saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported silver including silver plated with gold or platinum in the Middle East, comprising X% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

In Turkey, silver imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, reducing by X% against the previous year. Import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, silver import price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, import prices attained the peak figure at $X per ton in 2021, and then contracted in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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