Turkey: Gold Market 2022

Gold Market Size in Turkey

In 2021, after two years of growth, there was significant decline in the Turkish gold market, when its value decreased by -X% to $X. Over the period under review, consumption continues to indicate a perceptible decrease. As a result, consumption reached the peak level of $X, and then fell rapidly in the following year.

Gold Production in Turkey

In value terms, gold production declined to $X in 2021 estimated in export price. Over the period under review, production, however, saw a significant increase. The pace of growth was the most pronounced in 2013 when the production volume increased by X% against the previous year. Gold production peaked at $X in 2020, and then declined in the following year.

Gold Exports

Exports from Turkey

In 2021, shipments abroad of gold increased by X% to X tons, rising for the second consecutive year after three years of decline. Overall, exports posted a pronounced increase. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, gold exports skyrocketed to $X in 2021. Over the period under review, exports saw a noticeable increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for gold exports from Turkey, with a X% share of total exports. Moreover, gold exports to the United Arab Emirates exceeded the volume sent to the second major destination, the UK (X tons), twofold. The third position in this ranking was taken by Switzerland (X tons), with a X% share.

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

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

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

Export Prices by Country

The average gold export price stood at $X per kg in 2021, rising by X% against the previous year. Over the last nine years, it increased at an average annual rate of +X%. The pace of growth was the most pronounced in 2020 an increase of X% against the previous year. The export price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably for the major export markets. In 2021, the countries with the highest prices were the UK ($X per kg) and Switzerland ($X per kg), while the average price for exports to the United Arab Emirates ($X per kg) and the United States ($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 Mauritania (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Turkey

In 2021, the amount of gold imported into Turkey shrank dramatically to X tons, which is down by -X% compared with the previous year. Over the period under review, imports saw a noticeable setback. The growth pace was the most rapid in 2017 when imports increased by X%. Imports peaked at X tons in 2020, and then contracted notably in the following year.

In value terms, gold imports shrank dramatically to $X in 2021. Overall, imports showed a noticeable decline. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2020, and then fell significantly in the following year.

Imports by Country

The United Arab Emirates (X tons), Iraq (X tons) and Switzerland (X tons) were the main suppliers of gold imports to Turkey, together comprising X% of total imports. These countries were followed by Peru, Mauritania, South Africa, Belgium, the United States, Russia, Libya, Bolivia and Australia, which together accounted for a further X 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bolivia (with a CAGR of +X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest gold suppliers to Turkey were the United Arab Emirates ($X), Switzerland ($X) and Iraq ($X), with a combined X% share of total imports. These countries were followed by Mauritania, South Africa, Peru, Belgium, the United States, Russia, Bolivia, Australia and Libya, which together accounted for a further X, with a CAGR of +X%, recorded the highest rates of growth with regard to 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

In 2021, the average gold import price amounted to $X per kg, picking up by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of X%. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, the countries with the highest prices were Switzerland ($X per kg) and South Africa ($X per kg), while the price for Peru ($X per kg) and Iraq ($X per kg) were amongst the lowest.

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

Source: IndexBox Market Intelligence Platform

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