Turkey: Unwrought Silver Market 2024

Unwrought Silver Market Size in Turkey

The Turkish unwrought silver market dropped remarkably to $X in 2023, waning by X% against the previous year. In general, consumption, however, showed a buoyant increase. As a result, consumption attained the peak level of $X, and then fell sharply in the following year.

Unwrought Silver Production in Turkey

In value terms, unwrought silver production rose remarkably to $X in 2023 estimated in export price. Over the period under review, production, however, showed a noticeable setback. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

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Unwrought Silver Exports

Exports from Turkey

In 2023, after four years of growth, there was decline in shipments abroad of silver, unwrought or in powder form, when their volume decreased by X% to X tons. Over the period under review, exports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by X%. Over the period under review, the exports reached the peak figure at X tons in 2022, and then fell modestly in the following year.

In value terms, unwrought silver exports fell slightly to $X in 2023. Overall, exports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. The exports peaked at $X in 2022, and then fell modestly in the following year.

Exports by Country

The United States (X tons), the United Arab Emirates (X tons) and Switzerland (X tons) were the main destinations of unwrought silver exports from Turkey, together accounting for X% of total exports.

From 2012 to 2023, the biggest increases were recorded for the United States (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the United Arab Emirates ($X) and Switzerland ($X) constituted the largest markets for unwrought silver exported from Turkey worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, the United States, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average unwrought silver export price stood at $X per ton in 2023, surging by X% against the previous year. Overall, the export price, however, saw a noticeable downturn. The pace of growth was the most pronounced in 2021 an increase of X%. The export price peaked at $X,816 per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2023, amid the top suppliers, the highest price was recorded for prices to Germany ($X per ton) and Singapore ($X per ton), while the average price for exports to India ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Nepal (X%), while the prices for the other major destinations experienced mixed trend patterns.

Unwrought Silver Imports

Imports into Turkey

After four years of growth, purchases abroad of silver, unwrought or in powder form decreased by X% to X tons in 2023. Overall, imports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2022 with an increase of X% against the previous year. As a result, imports reached the peak of X tons, and then reduced dramatically in the following year.

In value terms, unwrought silver imports contracted significantly to $X in 2023. Over the period under review, imports, however, continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2022 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then reduced remarkably in the following year.

Imports by Country

Switzerland (X tons), the United Arab Emirates (X tons) and China (X tons) were the main suppliers of unwrought silver imports to Turkey, together comprising X% of total imports.

From 2012 to 2023, the biggest increases were recorded for Switzerland (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest unwrought silver suppliers to Turkey were Switzerland ($X), the United Arab Emirates ($X) and China ($X), with a combined X% share of total imports.

Among the main suppliers, Switzerland, with a CAGR of X%, recorded the highest rates of growth with regard to 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 unwrought silver import price stood at $X per ton in 2023, increasing by X% against the previous year. Over the period under review, the import price, however, showed a noticeable slump. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. The import price peaked at $X,066 per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2023, amid the top importers, the highest price was recorded for prices from Germany ($X per ton) and Uzbekistan ($X per ton), while the price for the United Arab Emirates ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Uzbekistan (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform