Europe: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Europe

In 2022, the Europe semi-manufactured gold market decreased by -30.8% to $X, falling for the second consecutive year after two years of growth. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Semi-Manufactured Gold Production in Europe

In value terms, semi-manufactured gold production expanded modestly to $X in 2022 estimated in export price. Overall, production posted pronounced growth. The pace of growth appeared the most rapid in 2013 with an increase of 107% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Semi-Manufactured Gold Exports

Exports in Europe

In 2022, overseas shipments of gold, in semi-manufactured forms increased by 64% to X tons, rising for the second year in a row after two years of decline. In general, exports showed a buoyant expansion. The pace of growth was the most pronounced in 2013 with an increase of 266%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, semi-manufactured gold exports soared to $X in 2022. Over the period under review, exports posted significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 866%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Exports by Country

In 2022, the UK (X tons) was the key exporter of gold, in semi-manufactured forms, committing 77% of total exports. It was distantly followed by Switzerland (X tons), generating an 11% share of total exports. Belgium (X tons), Spain (X tons) and Italy (X tons) held a relatively small share of total exports.

Exports from the UK increased at an average annual rate of +19.2% from 2012 to 2022. At the same time, Belgium (+45.1%), Italy (+17.2%) and Switzerland (+12.8%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in Europe, with a CAGR of +45.1% from 2012-2022. By contrast, Spain (-15.8%) illustrated a downward trend over the same period. While the share of the UK (+40 p.p.), Belgium (+3.3 p.p.) and Switzerland (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Spain (-30.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the UK ($X) remains the largest semi-manufactured gold supplier in Europe, comprising 82% of total exports. The second position in the ranking was taken by Switzerland ($X), with an 11% share of total exports. It was followed by Spain, with a 2% share.

From 2012 to 2022, the average annual growth rate of value in the UK amounted to +42.7%. In the other countries, the average annual rates were as follows: Switzerland (+13.9% per year) and Spain (+10.5% per year).

Export Prices by Country

In 2022, the export price in Europe amounted to $X per kg, remaining stable against the previous year. In general, the export price, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2013 an increase of 164% against the previous year. Over the period under review, the export prices hit record highs at $X per kg in 2021, and then fell slightly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per kg), while Belgium ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+31.3%), while the other leaders experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports in Europe

In 2022, supplies from abroad of gold, in semi-manufactured forms decreased by -9.3% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, posted a strong increase. The growth pace was the most rapid in 2016 with an increase of 158%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, semi-manufactured gold imports declined rapidly to $X in 2022. Overall, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 198% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

The UK dominates imports structure, reaching X tons, which was near 66% of total imports in 2022. Italy (X tons) took a 7.2% share (based on physical terms) of total imports, which put it in second place, followed by Spain (6.9%) and Germany (5.2%). The following importers - France (X tons), Slovakia (X tons) and Austria (X tons) - together made up 7.4% of total imports.

The UK was also the fastest-growing in terms of the gold, in semi-manufactured forms imports, with a CAGR of +21.8% from 2012 to 2022. At the same time, Slovakia (+11.9%), Spain (+10.5%), Germany (+6.0%) and France (+4.3%) displayed positive paces of growth. Austria and Italy experienced a relatively flat trend pattern. The UK (+41 p.p.) significantly strengthened its position in terms of the total imports, while France, Germany, Austria and Italy saw its share reduced by -2.4%, -2.9%, -3.2% and -14.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the UK ($X) constitutes the largest market for imported gold, in semi-manufactured forms in Europe, comprising 79% of total imports. The second position in the ranking was taken by Germany ($X), with a 6.4% share of total imports. It was followed by Italy, with a 3.7% share.

In the UK, semi-manufactured gold imports increased at an average annual rate of +27.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+6.9% per year) and Italy (-2.7% per year).

Import Prices by Country

The import price in Europe stood at $X per kg in 2022, which is down by -6.8% against the previous year. Import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, semi-manufactured gold import price decreased by -12.6% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the import price increased by 23% against the previous year. As a result, import price reached the peak level of $X per kg. From 2021 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Austria ($X per kg), while Spain ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+8.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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