Australia: Unwrought Silver Market 2024

Unwrought Silver Market Size in Australia

The Australian unwrought silver market reduced to $X in 2021, with a decrease of -12.7% against the previous year. In general, consumption recorded a pronounced contraction. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Unwrought Silver Production in Australia

In value terms, unwrought silver production contracted to $X in 2021 estimated in export price. Overall, production, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 155%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Unwrought Silver Exports

Exports from Australia

In 2021, the amount of silver, unwrought or in powder form exported from Australia soared to X tons, with an increase of 42% against the year before. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 1,852%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, unwrought silver exports soared to $X in 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 1,759% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for unwrought silver exports from Australia, accounting for a 85% share of total exports. Moreover, unwrought silver exports to the United States exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), sevenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +55.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+94.2% per year) and New Zealand (+58.9% per year).

In value terms, the United States ($X) emerged as the key foreign market for silver, unwrought or in powder form exports from Australia, comprising 85% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +62.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+107.9% per year) and New Zealand (+141.6% per year).

Export Prices by Country

In 2021, the average unwrought silver export price amounted to $X per ton, picking up by 34% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 147% against the previous year. Over the period under review, the average export prices attained 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 noticeably for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Unwrought Silver Imports

Imports into Australia

In 2021, after two years of growth, there was significant decline in purchases abroad of silver, unwrought or in powder form, when their volume decreased by -35.6% to X tons. Over the period under review, imports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 829% against the previous year. As a result, imports reached the peak of X tons, and then shrank dramatically in the following year.

In value terms, unwrought silver imports reduced rapidly to $X in 2021. In general, imports, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2020 when imports increased by 1,000%. As a result, imports reached the peak of $X, and then contracted notably in the following year.

Imports by Country

China (X tons), the UK (X tons) and Poland (X tons) were the main suppliers of unwrought silver imports to Australia, together comprising 81% of total imports. These countries were followed by Hong Kong SAR, South Korea, Indonesia, the Philippines and Switzerland, which together accounted for a further 16%.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +549.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Poland ($X) and China ($X) were the largest unwrought silver suppliers to Australia, together comprising 74% of total imports. These countries were followed by Hong Kong SAR, South Korea, Indonesia, the Philippines and Switzerland, which together accounted for a further 22%.

In terms of the main suppliers, the Philippines, with a CAGR of +659.0%, saw 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 2021, rising by 4.5% against the previous year. In general, import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, unwrought silver import price increased by +88.7% against 2015 indices. The pace of growth appeared the most rapid in 2019 an increase of 32%. The import price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+30.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :