Colombia: 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 Colombia

The Colombian market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver totaled $X in 2022, with an increase of 7.2% against the previous year. In general, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.5% against 2018 indices. As a result, consumption attained the peak level of $X. From 2017 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 Colombia

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver expanded significantly to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 31%. As a result, production reached the peak level of $X. From 2017 to 2022, production of growth remained at a lower figure.

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

Exports from Colombia

In 2022, the amount of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exported from Colombia dropped rapidly to X kg, which is down by -40% against the year before. Overall, exports showed a dramatic shrinkage. The growth pace was the most rapid in 2020 with an increase of 67% against the previous year. Over the period under review, the exports of hit record highs at X kg in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver skyrocketed to $X in 2022. Over the period under review, exports faced a dramatic curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 85% against the previous year. Over the period under review, the exports of hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nicaragua (X kg), Panama (X kg) and Costa Rica (X kg) were the main destinations of exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Colombia.

From 2012 to 2022, the biggest increases were recorded for Nicaragua (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, Panama ($X) remains the key foreign market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exports from Colombia, comprising 99% of total exports. The second position in the ranking was taken by Costa Rica ($X), with a 0.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Panama totaled -26.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (-36.4% per year) and Nicaragua (0.0% per year).

Export Prices by Country

The average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per ton in 2022, rising by 92% against the previous year. Overall, the export price, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when the average export price increased by 111%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+4.7%).

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

Imports into Colombia

After three years of growth, overseas purchases of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver decreased by -16.7% to X kg in 2022. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 40%. As a result, imports reached the peak of X kg. From 2018 to 2022, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank to $X in 2022. Overall, imports continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2017 with an increase of 357%. Over the period under review, imports of attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X kg), Panama (X kg) and Spain (X kg) were the main suppliers of imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Colombia, together comprising 60% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of 0.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Colombia, comprising 87% of total imports. The second position in the ranking was taken by France ($X), with a 6.9% share of total imports. It was followed by the United States, with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at +44.4%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+12.0% per year) and the United States (+2.9% per year).

Import Prices by Country

In 2022, the average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, rising by 5.3% against the previous year. Overall, the import price, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by 226% against the previous year. Over the period under review, average import prices hit record highs at $X per kg in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+44.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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