Report Update Apr 1, 2024

Venezuela - Gold - Market Analysis, Forecast, Size, Trends and Insights

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Venezuela: Gold Market 2024

Gold Market Size in Venezuela

After two years of growth, the Venezuelan gold market decreased by -20% to $X in 2021. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, and then shrank remarkably in the following year.

Gold Production in Venezuela

In value terms, gold production expanded notably to $X in 2021 estimated in export price. In general, production, however, showed a resilient expansion. The growth pace was the most rapid in 2015 with an increase of 322% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Gold Exports

Exports from Venezuela

In 2021, shipments abroad of gold was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, saw a abrupt curtailment. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, gold exports skyrocketed to $X in 2021. In general, exports, however, recorded a abrupt contraction. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for gold exports from Venezuela, accounting for a 79% share of total exports. Moreover, gold exports to the United Arab Emirates exceeded the volume sent to the second major destination, Lebanon (X kg), eightfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates totaled -11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lebanon (+52.6% per year) and Italy (-3.7% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for gold exports from Venezuela, comprising 77% of total exports. The second position in the ranking was held by Lebanon ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates totaled -12.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lebanon (+89.9% per year) and Italy (-0.4% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, rising by 22% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $X per kg in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per kg), while the average price for exports to the United Arab Emirates ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Lebanon (+24.6%), while the prices for the other major destinations experienced mixed trend patterns.

Gold Imports

Imports into Venezuela

In 2021, the amount of gold imported into Venezuela totaled X kg, remaining constant against 2020 figures. In general, imports showed a deep slump. The smallest decline of -33.3% was in 2015. Over the period under review, imports reached the maximum at X kg in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, gold imports fell to $X in 2021. Over the period under review, imports saw a deep slump. The smallest decline of -8.7% was in 2017. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X kg) was the main supplier of gold to Venezuela, accounting for a approx. 100% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at -14.5%.

In value terms, the United States ($X) constituted the largest supplier of gold to Venezuela.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +57.4%.

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, reducing by -8.7% against the previous year. Over the period under review, the import price, however, continues to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2018 when the average import price increased by 83%. As a result, import price attained the peak level of $X per kg. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to +17.2% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for gold in the world?

The countries with the highest volumes of consumption in 2021 were the UK, China and India, with a combined 38% share of global consumption. These countries were followed by Switzerland, the United Arab Emirates, the United States, Belgium, Hong Kong SAR, Thailand, Argentina, Germany, Peru and Canada, which together accounted for a further 38%.

What are the largest producers of gold in the world?

The UK remains the largest gold producing country worldwide, comprising approx. 15% of total volume. Moreover, gold production in the UK exceeded the figures recorded by the second-largest producer, the United States, twofold. The third position in this ranking was taken by the United Arab Emirates, with a 7.5% share.

What are the leading suppliers of gold to Venezuela?

In value terms, the United States constituted the largest supplier of gold to Venezuela.

What are the leading importers of gold from Venezuela?

In value terms, the United Arab Emirates remains the key foreign market for gold exports from Venezuela, comprising 77% of total exports. The second position in the ranking was held by Lebanon, with an 11% share of total exports.

What is the average export price for gold in Venezuela?

In 2021, the average gold export price amounted to $45,699 per kg, jumping by 22% against the previous year.

What is the average import price for gold in Venezuela?

In 2021, the average gold import price amounted to $72,034 per kg, which is down by -8.7% against the previous year.

This report provides an in-depth analysis of the gold market in Venezuela. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 24412030 - Gold, unwrought or in powder form for non-monetary use (including plated with platinum)
Prodcom 24412035 -
Prodcom 24412040 -
Prodcom 24412050 - Gold, in semi-manufactured forms for non-monetary use (including plated with platinum) (excluding unwrought or in powder form)
Prodcom 24412070 - Monetary gold (including gold plated with platinum)

Country coverage:

Venezuela

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Venezuela
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023