Turkey: Silver Market 2022

Silver Market Size in Turkey

The Turkish silver market amounted to $X in 2021, approximately mirroring the previous year. In general, consumption, however, recorded a deep slump. Silver consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Silver Production in Turkey

In value terms, silver production totaled $X in 2021 estimated in export price. Over the period under review, production, however, saw a deep reduction. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Silver Exports

Exports from Turkey

In 2021, overseas shipments of silver including silver plated with gold or platinum increased by X% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports showed a buoyant expansion. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, silver exports soared to $X in 2021. Overall, exports posted a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for silver exports from Turkey, with a X% share of total exports. Moreover, silver exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), fourfold. Italy (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 United States stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+X% per year) and Italy (+X% per year).

In value terms, the United States ($X) remains the key foreign market for silver exports from Turkey, comprising X% of total exports. The second position in the ranking was taken by Singapore ($X), with an X% share of total exports. It was followed by Germany, with a X% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+X% per year) and Germany (+X% per year).

Export Prices by Country

The average silver export price stood at $X per ton in 2021, picking up by X% against the previous year. In general, the export price, however, showed a pronounced setback. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Singapore ($X per ton), while the average price for exports to Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+X%), while the prices for the other major destinations experienced a decline.

Silver Imports

Imports into Turkey

In 2021, silver imports into Turkey skyrocketed to X tons, jumping by X% compared with 2020. Over the period under review, imports saw a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, silver imports soared to $X in 2021. In general, imports posted strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Switzerland (X tons), Russia (X tons) and Germany (X tons) were the main suppliers of silver imports to Turkey, with a combined X% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Switzerland (with a CAGR of +X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), Russia ($X) and Germany ($X) appeared to be the largest silver suppliers to Turkey, with a combined X% share of total imports.

In terms of the main suppliers, Switzerland, with a CAGR of +X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average silver import price stood at $X per ton in 2021, jumping by X% against the previous year. In general, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Switzerland ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

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

Source: IndexBox Market Intelligence Platform

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