Australia: Silver Market 2024

Silver Market Size in Australia

The Australian silver market stood at $X in 2021, increasing by 4.1% against the previous year. Over the period under review, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +15.9% against 2019 indices. Silver consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Silver Production in Australia

In value terms, silver production surged to $X in 2021 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 127%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Silver Exports

Exports from Australia

In 2021, shipments abroad of silver including silver plated with gold or platinum increased by 14% to X tons, rising for the second consecutive year after two years of decline. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 905%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 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, however, recorded a slight slump. The growth pace was the most rapid in 2017 when exports increased by 967% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons), the UK (X tons) and New Zealand (X tons) were the main destinations of silver exports from Australia, together comprising 77% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +101.9%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Canada ($X) and New Zealand ($X) were the largest markets for silver exported from Australia worldwide, together accounting for 76% of total exports.

Canada, with a CAGR of +91.8%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average silver export price amounted to $X per ton, picking up by 33% against the previous year. In general, the export price, however, saw a noticeable setback. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Germany ($X per ton) and New Zealand ($X per ton), while the average price for exports to Canada ($X per ton) and Switzerland ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+3.5%), while the prices for the other major destinations experienced a decline.

Silver Imports

Imports into Australia

In 2021, supplies from abroad of silver including silver plated with gold or platinum decreased by -33.2% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2020 when imports increased by 279% against the previous year. As a result, imports reached the peak of X tons, and then fell sharply in the following year.

In value terms, silver imports contracted significantly to $X in 2021. In general, imports, however, saw measured growth. The most prominent rate of growth was recorded in 2020 when imports increased by 391%. As a result, imports attained the peak of $X, and then reduced sharply in the following year.

Imports by Country

In 2021, Poland (X tons) constituted the largest silver supplier to Australia, with a 45% share of total imports. Moreover, silver imports from Poland exceeded the figures recorded by the second-largest supplier, the UK (X tons), threefold. The third position in this ranking was taken by Hong Kong SAR (X tons), with a 16% share.

From 2012 to 2021, the average annual growth rate of volume from Poland amounted to +281.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+115.0% per year) and Hong Kong SAR (+84.2% per year).

In value terms, Poland ($X) constituted the largest supplier of silver including silver plated with gold or platinum to Australia, comprising 44% of total imports. The second position in the ranking was held by the UK ($X), with a 17% share of total imports. It was followed by Hong Kong SAR, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Poland stood at +297.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+115.5% per year) and Hong Kong SAR (+88.5% per year).

Import Prices by Country

The average silver import price stood at $X per ton in 2021, with an increase of 26% against the previous year. Over the period under review, the import price, however, saw a pronounced setback. The pace of growth was the most pronounced in 2020 an increase of 29% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Indonesia ($X per ton) and China ($X per ton), while the price for Papua New Guinea ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+41.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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