Central Asia: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Central Asia

The Central Asian market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank significantly to $X in 2022, waning by -98.1% against the previous year. Overall, consumption faced a sharp downturn. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Central Asia

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X in 2022 estimated in export price. In general, production, however, continues to indicate a significant increase. The pace of growth was the most pronounced in 2015 when the production volume increased by 148% against the previous year. The level of production peaked in 2022 and is expected to retain growth in the immediate term.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports in Central Asia

After two years of growth, shipments abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver decreased by -44.4% to X kg in 2022. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 350% against the previous year. As a result, the exports reached the peak of X kg, and then fell dramatically in the following year.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver contracted remarkably to $X in 2022. Over the period under review, exports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 19,705% against the previous year. As a result, the exports reached the peak of $X, and then reduced notably in the following year.

Exports by Country

In 2022, Uzbekistan (X kg) represented the main exporter of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, comprising 60% of total exports. Kazakhstan (X kg) held the second position in the ranking, distantly followed by Kyrgyzstan (X kg) and Mongolia (X kg). All these countries together held near 40% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to non-silver precious metal goldsmiths ware articles exports from Uzbekistan stood at -50.0%. Mongolia experienced a relatively flat trend pattern. Kyrgyzstan (-11.5%) and Kazakhstan (-14.9%) illustrated a downward trend over the same period. Uzbekistan (+60 p.p.) and Kyrgyzstan (+10 p.p.) significantly strengthened its position in terms of the total exports, while Kazakhstan saw its share reduced by -70.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Uzbekistan ($X) remains the largest non-silver precious metal goldsmiths ware articles supplier in Central Asia, comprising 93% of total exports. The second position in the ranking was taken by Kyrgyzstan ($X), with a 6.6% share of total exports. It was followed by Kazakhstan, with a 0.2% share.

From 2012 to 2022, the average annual growth rate of value in Uzbekistan stood at -52.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Kyrgyzstan (+12.5% per year) and Kazakhstan (-42.5% per year).

Export Prices by Country

In 2022, the export price in Central Asia amounted to $X per kg, falling by -8.5% against the previous year. Over the period under review, the export price, however, posted a resilient increase. The growth pace was the most rapid in 2021 when the export price increased by 4,301%. As a result, the export price attained the peak level of $X per kg, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Uzbekistan ($X per kg), while Mongolia ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kyrgyzstan (+27.1%), while the other leaders experienced mixed trends in the export price figures.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports in Central Asia

Imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank dramatically to X kg in 2022, reducing by -97.3% on 2021. Overall, imports faced a significant curtailment. The pace of growth was the most pronounced in 2017 with an increase of 174%. The volume of import peaked at X kg in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver fell remarkably to $X in 2022. Over the period under review, imports showed a precipitous descent. The growth pace was the most rapid in 2015 with an increase of 136% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports of remained at a somewhat lower figure.

Imports by Country

In 2022, Mongolia (X kg), distantly followed by Kazakhstan (X kg) represented the key importers of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, together committing 100% of total imports.

From 2012 to 2022, the biggest increases were recorded for Mongolia (with a CAGR of +7.2%).

In value terms, Kazakhstan ($X) constitutes the largest market for imported articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in Central Asia, comprising 71% of total imports. The second position in the ranking was held by Mongolia ($X), with a 29% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Kazakhstan totaled -42.1%.

Import Prices by Country

In 2022, the import price in Central Asia amounted to $X per kg, which is down by -50.6% against the previous year. In general, the import price continues to indicate a sharp downturn. The most prominent rate of growth was recorded in 2020 when the import price increased by 3.2%. The level of import peaked at $X per kg in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Kazakhstan ($X per kg), while Mongolia amounted to $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mongolia (-10.7%).

Source: IndexBox Platform

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