Morocco: Gold Market 2024

Gold Market Size in Morocco

The Moroccan gold market dropped remarkably to $X in 2021, which is down by -18.8% against the previous year. The market value increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2020, and then shrank significantly in the following year.

Gold Production in Morocco

In value terms, gold production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, posted prominent growth. The most prominent rate of growth was recorded in 2013 when the production volume increased by 313% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then dropped in the following year.

Gold Exports

Exports from Morocco

In 2021, exports of gold from Morocco contracted to X kg, which is down by -10.6% on 2020 figures. Overall, exports saw a pronounced shrinkage. The growth pace was the most rapid in 2014 with an increase of 643% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, gold exports dropped to $X in 2021. Over the period under review, exports, however, posted a moderate expansion. The pace of growth was the most pronounced in 2014 with an increase of 429% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Switzerland (X kg), Turkey (X kg) and Italy (X kg) were the main destinations of gold exports from Morocco, together comprising 90% of total exports. These countries were followed by Indonesia and the United Arab Emirates, which together accounted for a further 9.6%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +195.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for gold exported from Morocco were Switzerland ($X), Turkey ($X) and Italy ($X), together accounting for 90% of total exports. These countries were followed by Indonesia and the United Arab Emirates, which together accounted for a further 10%.

Indonesia, with a CAGR of +198.3%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, approximately mirroring the previous year. Overall, export price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold export price increased by +96.4% against 2014 indices. The growth pace was the most rapid in 2013 an increase of 32%. Over the period under review, the average export prices reached the maximum at $X per kg in 2020, and then shrank in the following year.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Italy ($X per kg) and Indonesia ($X per kg), while the average price for exports to Switzerland ($X per kg) and the United Arab Emirates ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+44,074.2%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Morocco

Gold imports into Morocco skyrocketed to X kg in 2021, jumping by 7,300% compared with the previous year. Over the period under review, imports enjoyed a significant increase. Imports peaked at X kg in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, gold imports soared to $X in 2021. In general, imports saw significant growth. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Turkey (X kg) was the main supplier of gold to Morocco, with a 97% share of total imports. It was followed by France (X kg), with a 1.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey stood at +66.0%.

In value terms, Turkey ($X) constituted the largest supplier of gold to Morocco, comprising 100% of total imports. The second position in the ranking was taken by France ($X), with a 0.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Turkey amounted to +75.3%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+32.1% per year) and the United Arab Emirates (-67.9% per year).

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, growing by 910% against the previous year. In general, the import price recorded a resilient expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+5.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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