Czech Republic: Gold Market 2024

Gold Market Size in the Czech Republic

In 2021, the Czech gold market was finally on the rise to reach $X after three years of decline. In general, consumption, however, showed a noticeable downturn. Gold consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Gold Production in the Czech Republic

In value terms, gold production amounted to $X in 2021 estimated in export price. Overall, production saw a precipitous decrease. The pace of growth appeared the most rapid in 2019 when the production volume increased by 2,082% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Gold Exports

Exports from the Czech Republic

In 2021, shipments abroad of gold decreased by -37.1% to X tons, falling for the second year in a row after two years of growth. Overall, exports showed a sharp decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 67% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, gold exports declined rapidly to $X in 2021. In general, exports faced a abrupt setback. The pace of growth was the most pronounced in 2013 when exports increased by 49% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Germany (X tons) was the main destination for gold exports from the Czech Republic, with a 52% share of total exports. Moreover, gold exports to Germany exceeded the volume sent to the second major destination, Switzerland (X kg), fourfold. Slovakia (X kg) ranked third in terms of total exports with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany stood at -21.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-36.8% per year) and Slovakia (-25.7% per year).

In value terms, the largest markets for gold exported from the Czech Republic were Slovakia ($X), Germany ($X) and Poland ($X), with a combined 65% share of total exports.

Poland, with a CAGR of +10.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average gold export price stood at $X per kg in 2021, shrinking by -4.2% against the previous year. Over the period under review, the export price, however, enjoyed significant growth. The pace of growth was the most pronounced in 2014 an increase of 764%. The export price peaked at $X per kg in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Slovakia ($X per kg), while the average price for exports to Switzerland ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+31.4%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into the Czech Republic

In 2021, overseas purchases of gold increased by 42% to X tons, rising for the second year in a row after two years of decline. Overall, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +81.3% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, gold imports surged to $X in 2021. Over the period under review, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 64% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

Switzerland (X tons), Austria (X tons) and Germany (X tons) were the main suppliers of gold imports to the Czech Republic, together accounting for 92% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +14.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), Austria ($X) and Germany ($X) constituted the largest gold suppliers to the Czech Republic, with a combined 95% share of total imports.

Among the main suppliers, Austria, with a CAGR of +17.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average gold import price stood at $X per kg in 2021, picking up by 5.2% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. The growth pace was the most rapid in 2020 when the average import price increased by 28% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per kg), while the price for Hungary ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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