CIS: Silver Market 2024

Silver Market Size in CIS

The CIS silver market reduced notably to $X in 2021, falling by -17.4% against the previous year. Overall, consumption recorded a perceptible reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Silver Production in CIS

In value terms, silver production fell to $X in 2021 estimated in export price. In general, production recorded a noticeable shrinkage. The growth pace was the most rapid in 2020 with an increase of 15%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Silver Exports

Exports in CIS

In 2021, overseas shipments of silver including silver plated with gold or platinum increased by 37% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated notable growth from 2012 to 2021: its volume increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +49.9% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 58% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, silver exports soared to $X in 2021. In general, exports recorded a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Kazakhstan (X tons) and Russia (X tons) dominates exports structure, together mixing up 91% of total exports. It was distantly followed by Uzbekistan (X tons), comprising an 8.4% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Uzbekistan (with a CAGR of +58.3%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Kazakhstan ($X), Russia ($X) and Uzbekistan ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 100% of total exports.

Among the main exporting countries, Uzbekistan, with a CAGR of +57.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in the CIS amounted to $X per ton, surging by 28% against the previous year. Overall, the export price, however, continues to indicate a pronounced downturn. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Uzbekistan ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uzbekistan (-0.7%), while the other leaders experienced a decline in the export price figures.

Silver Imports

Imports in CIS

In 2021, approx. X tons of silver including silver plated with gold or platinum were imported in the CIS; with an increase of 10% on the previous year's figure. Overall, imports posted buoyant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 318% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, silver imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 477% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

Russia represented the key importing country with an import of about X tons, which reached 65% of total imports. It was distantly followed by Uzbekistan (X tons), creating a 28% share of total imports. The following importers - Belarus (X tons) and Kazakhstan (X tons) - together made up 5% of total imports.

From 2012 to 2021, average annual rates of growth with regard to silver imports into Russia stood at +17.6%. At the same time, Uzbekistan (+312.0%) and Kazakhstan (+12.2%) displayed positive paces of growth. Moreover, Uzbekistan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +312.0% from 2012-2021. By contrast, Belarus (-1.4%) illustrated a downward trend over the same period. While the share of Uzbekistan (+28 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Russia (-11.2 p.p.) and Belarus (-16.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Uzbekistan ($X), Russia ($X) and Belarus ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 95% of total imports.

Uzbekistan, with a CAGR of +389.2%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in the CIS amounted to $X per ton, with an increase of 62% against the previous year. Overall, the import price posted a buoyant expansion. The pace of growth was the most pronounced in 2018 an increase of 171%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uzbekistan (+18.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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