Portugal: Gold Market 2022

Gold Market Size in Portugal

The Portuguese gold market surged to $X in 2021, picking up by X% against the previous year. Overall, consumption saw a significant increase. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the immediate term.

Gold Production in Portugal

In value terms, gold production stood at $X in 2021 estimated in export price. Over the period under review, production, however, recorded a mild downturn. The pace of growth was the most pronounced in 2018 when the production volume increased by X% against the previous year. Gold production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Gold Exports

Exports from Portugal

In 2021, exports of gold from Portugal declined rapidly to X tons, waning by -X% compared with the previous year. Over the period under review, exports continue to indicate a sharp decrease. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, gold exports contracted significantly to $X in 2021. In general, exports continue to indicate a deep setback. The pace of growth appeared the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Italy (X tons) was the main destination for gold exports from Portugal, with a X% share of total exports. Moreover, gold exports to Italy exceeded the volume sent to the second major destination, Germany (X kg), twofold. The third position in this ranking was taken by Spain (X kg), with an X% share.

From 2012 to 2021, the average annual growth rate of volume to Italy amounted to -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-X% per year) and Spain (-X% per year).

In value terms, Italy ($X) remains the key foreign market for gold exports from Portugal, comprising X% of total exports. The second position in the ranking was held by Germany ($X), with a X% share of total exports. It was followed by Spain, with an X% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Italy amounted to -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-X% per year) and Spain (-X% per year).

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, with an increase of X% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2021, the countries with the highest prices were Belgium ($X per kg) and Switzerland ($X per kg), while the average price for exports to France ($X per kg) and Germany ($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 Switzerland (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Portugal

In 2021, the amount of gold imported into Portugal expanded notably to X tons, with an increase of X% compared with the previous year. Over the period under review, imports, however, continue to indicate a slight descent. The pace of growth appeared the most rapid in 2016 when imports increased by X%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, gold imports expanded rapidly to $X in 2021. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, France (X kg) constituted the largest gold supplier to Portugal, accounting for a X% share of total imports. Moreover, gold imports from France exceeded the figures recorded by the second-largest supplier, Germany (X kg), threefold. Austria (X kg) ranked third in terms of total imports with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from France stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-X% per year) and Austria (+X% per year).

In value terms, France ($X) constituted the largest supplier of gold to Portugal, comprising X% of total imports. The second position in the ranking was held by Germany ($X), with a X% share of total imports. It was followed by Austria, with a X% share.

From 2012 to 2021, the average annual growth rate of value from France amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-X% per year) and Austria (+X% per year).

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, approximately equating the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per kg, leveling off in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Spain ($X per kg), while the price for Hong Kong SAR ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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