Benelux: Gold Market 2024

Gold Market Size in Benelux

In 2021, the Benelux gold market decreased by -1.9% to $X, falling for the third consecutive year after two years of growth. Overall, consumption saw a slight downturn. The most prominent rate of growth was recorded in 2017 with an increase of 5.3% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Gold Production in Benelux

In value terms, gold production reached $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 4% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Gold Exports

Exports in Benelux

In 2021, shipments abroad of gold increased by 22% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports, however, continue to indicate a pronounced reduction. The pace of growth was the most pronounced in 2019 when exports increased by 136%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, gold exports shrank notably to $X in 2021. In general, exports, however, recorded a drastic downturn. The pace of growth appeared the most rapid in 2019 when exports increased by 154%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Belgium prevails in exports structure, accounting for X tons, which was approx. 89% of total exports in 2021. It was distantly followed by the Netherlands (X tons), committing a 9.4% share of total exports. Luxembourg (X tons) took a little share of total exports.

Belgium was also the fastest-growing in terms of the gold exports, with a CAGR of +4.4% from 2012 to 2021. The Netherlands (-17.8%) and Luxembourg (-21.3%) illustrated a downward trend over the same period. Belgium (+43 p.p.) significantly strengthened its position in terms of the total exports, while Luxembourg and the Netherlands saw its share reduced by -10.7% and -32.1% from 2012 to 2021, respectively.

In value terms, Belgium ($X) remains the largest gold supplier in Benelux, comprising 77% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 19% share of total exports.

In Belgium, gold exports shrank by an average annual rate of -6.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the Netherlands (-18.2% per year) and Luxembourg (-10.5% per year).

Export Prices by Country

In 2021, the export price in Benelux amounted to $X per kg, shrinking by -33.4% against the previous year. Over the period under review, the export price saw a abrupt shrinkage. The growth pace was the most rapid in 2017 when the export price increased by 19% against the previous year. Over the period under review, the export prices hit record highs at $X per kg in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per kg), while Belgium ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Luxembourg (+13.6%), while the other leaders experienced a decline in the export price figures.

Gold Imports

Imports in Benelux

In 2021, after two years of growth, there was significant decline in overseas purchases of gold, when their volume decreased by -31.4% to X tons. Overall, imports showed a abrupt setback. The growth pace was the most rapid in 2019 with an increase of 18%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, gold imports plummeted to $X in 2021. Over the period under review, imports faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when imports increased by 26% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Belgium (X tons) and the Netherlands (X tons) prevails in imports structure, together comprising 91% of total imports. It was distantly followed by Luxembourg (X tons), constituting an 8.8% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of -10.9%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest gold importing markets in Benelux were the Netherlands ($X), Belgium ($X) and Luxembourg ($X).

Among the main importing countries, the Netherlands, with a CAGR of -13.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Benelux stood at $X per kg in 2021, increasing by 11% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2020 an increase of 20% against the previous year. The level of import peaked in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($X per kg), while Belgium ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Luxembourg (+13.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform