Morocco: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Morocco

The Moroccan semi-manufactured gold market rose sharply to $X in 2022, growing by 11% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Semi-Manufactured Gold Production in Morocco

In value terms, semi-manufactured gold production stood at $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 10%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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Semi-Manufactured Gold Exports

Exports from Morocco

In 2022, approx. X kg of gold, in semi-manufactured forms were exported from Morocco; with a decrease of -48.3% compared with the previous year's figure. Over the period under review, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 110%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, semi-manufactured gold exports dropped rapidly to $X in 2022. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 127% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Turkey (X kg) was the main destination for semi-manufactured gold exports from Morocco, accounting for a 64% share of total exports. Moreover, semi-manufactured gold exports to Turkey exceeded the volume sent to the second major destination, Italy (X kg), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey stood at -22.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-3.1% per year) and Indonesia (-22.5% per year).

In value terms, Turkey ($X) remains the key foreign market for gold, in semi-manufactured forms exports from Morocco, comprising 64% of total exports. The second position in the ranking was held by Italy ($X), with a 31% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Turkey amounted to -17.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+1.3% per year) and Indonesia (-24.1% per year).

Export Prices by Country

The average semi-manufactured gold export price stood at $X per kg in 2022, increasing by 2.1% against the previous year. In general, the export price enjoyed buoyant growth. The most prominent rate of growth was recorded in 2020 when the average export price increased by 21% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per kg), while the average price for exports to Indonesia ($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 Turkey (+5.6%), while the prices for the other major destinations experienced mixed trend patterns.

Semi-Manufactured Gold Imports

Imports into Morocco

In 2022, approx. X kg of gold, in semi-manufactured forms were imported into Morocco; increasing by 133% compared with the previous year's figure. Over the period under review, imports, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 150%. Over the period under review, imports reached the peak figure at X kg in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, semi-manufactured gold imports soared to $X in 2022. Overall, imports, however, recorded a pronounced decrease. The pace of growth was the most pronounced in 2017 with an increase of 625%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, France (X kg) constituted the largest supplier of semi-manufactured gold to Morocco, with a 64% share of total imports. Moreover, semi-manufactured gold imports from France exceeded the figures recorded by the second-largest supplier, the United States (X kg), ninefold. The third position in this ranking was taken by Germany (X kg), with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume from France amounted to +24.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-6.7% per year) and Germany (0.0% per year).

In value terms, the largest semi-manufactured gold suppliers to Morocco were France ($X), the United States ($X) and Germany ($X), with a combined 44% share of total imports.

France, with a CAGR of +32.3%, saw the highest growth rate of 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, with an increase of 57% against the previous year. In general, the import price enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2017 when the average import price increased by 314%. The import price peaked at $X per kg in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per kg), while the price for the UK ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+80.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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