Central Asia: Semi-Manufactured Gold Market 2025

Semi-Manufactured Gold Market Size in Central Asia

The Central Asian semi-manufactured gold market surged to $X in 2022, picking up by 192% against the previous year. In general, consumption posted a buoyant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Semi-Manufactured Gold Production in Central Asia

In value terms, semi-manufactured gold production rose to $X in 2022 estimated in export price. Over the period under review, production, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 97%. The level of production peaked in 2022 and is expected to retain growth in the immediate term.

Semi-Manufactured Gold Exports

Exports in Central Asia

Semi-manufactured gold exports plummeted to X tons in 2022, which is down by -53.4% compared with 2021. Over the period under review, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2017 when exports increased by 2,943%. Over the period under review, the exports reached the maximum at X tons in 2021, and then fell dramatically in the following year.

In value terms, semi-manufactured gold exports plummeted to $X in 2022. Overall, exports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2017 when exports increased by 2,957% against the previous year. The level of export peaked at $X in 2021, and then reduced notably in the following year.

Exports by Country

Uzbekistan (X tons) represented roughly 99.9% of total exports in 2022.

Uzbekistan was also the fastest-growing in terms of the gold, in semi-manufactured forms exports, with a CAGR of -2.8% from 2012 to 2022. From 2012 to 2022, the share of Uzbekistan increased by +99 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Uzbekistan ($X) also remains the largest semi-manufactured gold supplier in Central Asia.

In Uzbekistan, semi-manufactured gold exports increased at an average annual rate of +4.7% over the period from 2012-2022.

Export Prices by Country

The export price in Central Asia stood at $X per kg in 2022, growing by 4.1% against the previous year. Export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, semi-manufactured gold export price increased by +15.0% against 2013 indices. The pace of growth was the most pronounced in 2013 an increase of 50%. The level of export peaked in 2022 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Uzbekistan.

From 2012 to 2022, the rate of growth in terms of prices for Uzbekistan amounted to +7.8% per year.

Semi-Manufactured Gold Imports

Imports in Central Asia

In 2022, supplies from abroad of gold, in semi-manufactured forms decreased by -59.4% to X kg, falling for the third consecutive year after four years of growth. Over the period under review, imports recorded a abrupt downturn. The growth pace was the most rapid in 2018 when imports increased by 138%. The volume of import peaked at X kg in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, semi-manufactured gold imports amounted to $X in 2022. In general, imports saw a deep contraction. The pace of growth was the most pronounced in 2018 when imports increased by 1,149%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Kazakhstan was the largest importing country with an import of around X kg, which resulted at 46% of total imports. Mongolia (X kg) took a 23% share (based on physical terms) of total imports, which put it in second place, followed by Turkmenistan (15%), Kyrgyzstan (7.7%) and Uzbekistan (7.7%).

From 2012 to 2022, the biggest increases were recorded for Turkmenistan (with a CAGR of +7.2%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, Kazakhstan ($X) constitutes the largest market for imported gold, in semi-manufactured forms in Central Asia, comprising 69% of total imports. The second position in the ranking was held by Turkmenistan ($X), with a 25% share of total imports. It was followed by Mongolia, with a 4.2% share.

In Kazakhstan, semi-manufactured gold imports plunged by an average annual rate of -10.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkmenistan (+50.6% per year) and Mongolia (-12.9% per year).

Import Prices by Country

In 2022, the import price in Central Asia amounted to $X per kg, picking up by 169% against the previous year. Overall, the import price recorded prominent growth. The pace of growth appeared the most rapid in 2018 when the import price increased by 424% against the previous year. The level of import peaked at $X per kg in 2019; however, from 2020 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 Turkmenistan ($X per kg), while Kyrgyzstan ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkmenistan (+40.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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