Africa: Silver Market 2024

Silver Market Size in Africa

The African silver market shrank to $X in 2021, remaining constant against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Silver Production in Africa

In value terms, silver production contracted modestly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a slight decline. The growth pace was the most rapid in 2020 when the production volume increased by 5.6% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Silver Exports

Exports in Africa

In 2021, approx. X tons of silver including silver plated with gold or platinum were exported in Africa; shrinking by -7.4% against 2020. Overall, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2015 with an increase of 17%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, silver exports soared to $X in 2021. Over the period under review, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 24% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Morocco (X tons) represented the major exporter of silver including silver plated with gold or platinum, creating 71% of total exports. It was distantly followed by South Africa (X tons), achieving an 11% share of total exports. The following exporters - Chad (X tons), Burkina Faso (X tons) and Egypt (X tons) - each accounted for a 12% share of total exports.

Exports from Morocco decreased at an average annual rate of -13.6% from 2012 to 2021. At the same time, Burkina Faso (+42.6%), South Africa (+16.6%) and Egypt (+4.9%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in Africa, with a CAGR of +42.6% from 2012-2021. By contrast, Chad (-3.1%) illustrated a downward trend over the same period. While the share of South Africa (+10 p.p.), Burkina Faso (+4.2 p.p.), Egypt (+2.8 p.p.) and Chad (+2.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Morocco (-11.3 p.p.) displayed negative dynamics.

In value terms, Morocco ($X) remains the largest silver supplier in Africa, comprising 68% of total exports. The second position in the ranking was held by South Africa ($X), with a 14% share of total exports. It was followed by Chad, with a 5.7% share.

In Morocco, silver exports declined by an average annual rate of -8.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: South Africa (+29.0% per year) and Chad (+0.1% per year).

Export Prices by Country

In 2021, the export price in Africa amounted to $X per ton, growing by 31% against the previous year. Export price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silver export price increased by +62.5% against 2018 indices. The pace of growth appeared the most rapid in 2013 when the export price increased by 45% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Chad ($X per ton) and South Africa ($X per ton), while Morocco ($X per ton) and Burkina Faso ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+10.6%), while the other leaders experienced more modest paces of growth.

Silver Imports

Imports in Africa

Silver imports soared to X tons in 2021, growing by 38% compared with the previous year. Total imports indicated a noticeable expansion from 2012 to 2021: its volume increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +47.6% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 40%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, silver imports rose markedly to $X in 2021. Total imports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +29.8% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 54% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Tunisia (X tons), South Africa (X tons), Algeria (X tons) and Egypt (X tons) represented roughly 87% of total imports in 2021. It was distantly followed by Morocco (X tons), comprising a 4.9% share of total imports. The following importers - South Sudan (X tons) and Zimbabwe (X tons) - each resulted at a 3.8% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Tunisia (with a CAGR of +26.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Africa ($X), Egypt ($X) and Algeria ($X) constituted the countries with the highest levels of imports in 2021, with a combined 58% share of total imports. These countries were followed by Tunisia, Morocco, South Sudan and Zimbabwe, which together accounted for a further 24%.

Among the main importing countries, Tunisia, with a CAGR of +15.1%, 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 import price in Africa stood at $X per ton in 2021, waning by -20.7% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the import price increased by 19%. The level of import peaked at $X per ton in 2020, and then dropped rapidly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Morocco ($X per ton), while Zimbabwe ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+6.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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