Russian Federation: Gold Market 2022

Gold Market Size in the Russian Federation

For the third consecutive year, the Russian gold market recorded decline in sales value, which decreased by -X% to $X in 2021. Over the period under review, the total consumption indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -X% against 2018 indices. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Gold Production in the Russian Federation

In value terms, gold production reduced to $X in 2021 estimated in export price. Overall, the total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +X% against 2015 indices. The growth pace was the most rapid in 2020 when the production volume increased by X%. As a result, production attained the peak level of $X, and then fell in the following year.

Gold Exports

Exports from the Russian Federation

After two years of growth, overseas shipments of gold decreased by -X% to X tons in 2021. Overall, exports, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020, and then declined in the following year.

In value terms, gold exports fell to $X in 2021. Over the period under review, exports, however, posted a prominent increase. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. The exports peaked at $X in 2020, and then declined in the following year.

Exports by Country

The UK (X tons) was the main destination for gold exports from Russia, with a X% share of total exports. It was followed by Kazakhstan (X tons), with a X% share of total exports. Switzerland (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the UK stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (+X% per year) and Switzerland (-X% per year).

In value terms, the UK ($X) remains the key foreign market for gold exports from Russia, comprising X% of total exports. The second position in the ranking was held by Switzerland ($X), with a X% share of total exports. It was followed by Kazakhstan, with a X% share.

From 2012 to 2021, the average annual growth rate of value to the UK totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-X% per year) and Kazakhstan (+X% per year).

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, flattening at the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per kg, and then declined slightly in the following year.

Average prices varied somewhat for the major export markets. In 2021, the highest price was recorded for prices to the UK ($X per kg) and Germany ($X per kg), while the average price for exports to Kazakhstan ($X per kg) and India ($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 India (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into the Russian Federation

In 2021, purchases abroad of gold decreased by -X% to X kg, falling for the second year in a row after two years of growth. In general, imports, however, continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, gold imports declined remarkably to $X in 2021. Over the period under review, imports, however, recorded a significant expansion. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Belarus (X kg) constituted the largest gold supplier to Russia, with a X% share of total imports. Moreover, gold imports from Belarus exceeded the figures recorded by the second-largest supplier, Italy (X kg), twofold. The third position in this ranking was taken by Kazakhstan (X kg), with a X% share.

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

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

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

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, waning by -X% against the previous year. Overall, the import price, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per kg in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Kazakhstan ($X per kg), while the price for Italy ($X per kg) was amongst the lowest.

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

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :