Brazil: Silver Nitrate Market 2024

Silver Nitrate Market Size in Brazil

The Brazilian silver nitrate market fell to $X in 2021, declining by -5% against the previous year. In general, the total consumption indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.0% 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 +78.4% against 2019 indices. As a result, consumption reached the peak level of $X, and then fell in the following year.

Silver Nitrate Production in Brazil

In value terms, silver nitrate production reduced to $X in 2021 estimated in export price. In general, production continues to indicate a noticeable decrease. The pace of growth was the most pronounced in 2020 when the production volume increased by 23%. Silver nitrate production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Silver Nitrate Exports

Exports from Brazil

In 2021, shipments abroad of silver nitrate decreased by -80.4% to X kg, falling for the second consecutive year after two years of growth. In general, exports faced a precipitous slump. The most prominent rate of growth was recorded in 2018 when exports increased by 16%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, silver nitrate exports dropped dramatically to $X in 2021. Overall, exports recorded a dramatic contraction. The most prominent rate of growth was recorded in 2016 with an increase of 21%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Chile (X kg) was the main destination for silver nitrate exports from Brazil, with a 90% share of total exports. Moreover, silver nitrate exports to Chile exceeded the volume sent to the second major destination, Paraguay (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Chile stood at -11.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Paraguay (+28.5% per year) and Panama (+27.7% per year).

In value terms, Chile ($X) remains the key foreign market for silver nitrate exports from Brazil, comprising 99% of total exports. The second position in the ranking was taken by Panama ($X), with a 0.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Chile amounted to -8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (-11.1% per year) and Paraguay (+24.5% per year).

Export Prices by Country

In 2021, the average silver nitrate export price amounted to $X per ton, increasing by 6.7% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable setback. The pace of growth appeared the most rapid in 2020 when the average export price increased by 41%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Paraguay ($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 Chile (+3.0%), while the prices for the other major destinations experienced a decline.

Silver Nitrate Imports

Imports into Brazil

After two years of decline, overseas purchases of silver nitrate increased by 79% to X tons in 2021. In general, imports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2014 when imports increased by 546%. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, silver nitrate imports skyrocketed to $X in 2021. Overall, imports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 1,412%. Imports peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), Spain (X tons) and the United States (X tons) were the main suppliers of silver nitrate imports to Brazil, together comprising 88% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +85.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of silver nitrate to Brazil, comprising 62% of total imports. The second position in the ranking was taken by the United States ($X), with an 18% share of total imports. It was followed by the UK, with a 15% share.

From 2012 to 2021, the average annual growth rate of value from Spain amounted to +96.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+32.0% per year) and the UK (+71.8% per year).

Import Prices by Country

The average silver nitrate import price stood at $X per ton in 2021, with an increase of 6.5% against the previous year. Overall, the import price recorded buoyant growth. The pace of growth appeared the most rapid in 2014 an increase of 134%. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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