Portugal: Gold Market 2024

Gold Market Size in Portugal

The Portuguese gold market soared to $X in 2021, picking up by 32% against the previous year. Overall, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +91.3% against 2014 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Gold Production in Portugal

In value terms, gold production totaled $X in 2021 estimated in export price. Over the period under review, production, however, recorded a abrupt downturn. The growth pace was the most rapid in 2019 with an increase of 13% against the previous year. Gold production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

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Gold Exports

Exports from Portugal

In 2021, exports of gold from Portugal shrank remarkably to X tons, waning by -43.7% compared with the previous year. Over the period under review, exports showed a precipitous contraction. The growth pace was the most rapid in 2016 with an increase of 7.5% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, gold exports fell sharply to $X in 2021. In general, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 15%. The exports peaked 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 46% share of total exports. Moreover, gold exports to Italy exceeded the volume sent to the second major destination, Germany (X kg), twofold. Spain (X kg) ranked third in terms of total exports with an 18% share.

From 2012 to 2021, the average annual growth rate of volume to Italy stood at -14.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-1.8% per year) and Spain (-19.9% per year).

In value terms, Italy ($X) remains the key foreign market for gold exports from Portugal, comprising 49% of total exports. The second position in the ranking was taken by Germany ($X), with a 19% share of total exports. It was followed by Spain, with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Italy amounted to -14.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-2.0% per year) and Spain (-18.4% per year).

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, increasing by 4.9% 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 22%. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to 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 (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Portugal

Gold imports into Portugal rose markedly to X tons in 2021, with an increase of 11% on 2020 figures. Over the period under review, imports, however, continue to indicate a mild curtailment. The pace of growth was the most pronounced in 2016 when imports increased by 23%. 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 significantly to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by 42% 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 53% 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 12% share.

From 2012 to 2021, the average annual growth rate of volume from France amounted to +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-10.0% per year) and Austria (+3.9% per year).

In value terms, France ($X) constituted the largest supplier of gold to Portugal, comprising 47% of total imports. The second position in the ranking was held by Germany ($X), with a 22% share of total imports. It was followed by Austria, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from France amounted to +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-8.5% per year) and Austria (+4.6% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, remaining relatively unchanged against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by 27% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, 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 (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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