Colombia: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Colombia

The Colombian market for precious metal ores and concentrates soared to $X in 2022, with an increase of 19% against the previous year. In general, consumption enjoyed buoyant growth. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Precious Metal Ores And Concentrates in Colombia

In value terms, precious metal ore and concentrate production surged to $X in 2022 estimated in export price. Overall, production showed a resilient expansion. The growth pace was the most rapid in 2016 with an increase of 167%. Precious metal ore and concentrate production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Precious Metal Ores And Concentrates

Exports from Colombia

In 2022, after six years of growth, there was significant decline in shipments abroad of precious metal ores and concentrates, when their volume decreased by -10.3% to X tons. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by 257% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, precious metal ore and concentrate exports amounted to $X in 2022. Overall, exports, however, continue to indicate a strong increase. The pace of growth was the most pronounced in 2018 when exports increased by 416% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

China (X tons) was the main destination for precious metal ore and concentrate exports from Colombia, accounting for a 58% share of total exports. Moreover, precious metal ore and concentrate exports to China exceeded the volume sent to the second major destination, India (X tons), ninefold. The third position in this ranking was taken by Peru (X tons), with a 2.4% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +60.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+65.5% per year) and Peru (-7.8% per year).

In value terms, India ($X), China ($X) and Peru ($X) constituted the largest markets for precious metal ore and concentrate exported from Colombia worldwide, together accounting for 76% of total exports.

Among the main countries of destination, China, with a CAGR of +90.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for precious metal ores and concentrates stood at $X per ton in 2022, with an increase of 13% against the previous year. In general, the export price continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2021 an increase of 90% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Hong Kong SAR ($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 Peru (+43.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Precious Metal Ores And Concentrates

Imports into Colombia

In 2022, approx. X tons of precious metal ores and concentrates were imported into Colombia; picking up by 8.1% on 2021. In general, imports, however, saw a abrupt downturn. The growth pace was the most rapid in 2019 with an increase of 325%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, precious metal ore and concentrate imports contracted to $X in 2022. Over the period under review, imports, however, showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 652% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United States (X kg) constituted the largest precious metal ore and concentrate supplier to Colombia, with a 67% share of total imports. Moreover, precious metal ore and concentrate imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X kg), fivefold. The third position in this ranking was held by China (X kg), with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +35.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-11.9% per year) and China (+21.6% per year).

In value terms, the United States ($X) constituted the largest supplier of precious metal ores and concentrates to Colombia, comprising 93% of total imports. The second position in the ranking was taken by Canada ($X), with a 3.3% share of total imports. It was followed by New Zealand, with a 1.7% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-6.1% per year) and New Zealand (-26.5% per year).

Import Prices by Country

The average import price for precious metal ores and concentrates stood at $X per ton in 2022, waning by -16.6% against the previous year. Overall, the import price, however, continues to indicate a remarkable increase. The pace of growth was the most pronounced in 2015 an increase of 79%. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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