Ecuador: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Ecuador

The Ecuadorian market for precious metal ores and concentrates amounted to $X in 2022, standing approx. at the previous year. In general, consumption enjoyed a buoyant expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Precious Metal Ores And Concentrates in Ecuador

In value terms, precious metal ore and concentrate production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production posted a significant expansion. The pace of growth was the most pronounced in 2017 when the production volume increased by 110%. 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 Ecuador

In 2022, approx. X tons of precious metal ores and concentrates were exported from Ecuador; picking up by 49% on the previous year's figure. Over the period under review, exports posted a significant expansion. The growth pace was the most rapid in 2017 with an increase of 203%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, precious metal ore and concentrate exports soared to $X in 2022. In general, exports recorded a significant increase. The growth pace was the most rapid in 2020 with an increase of 265% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons) was the main destination for precious metal ore and concentrate exports from Ecuador, with a 62% share of total exports. Moreover, precious metal ore and concentrate exports to China exceeded the volume sent to the second major destination, Finland (X tons), sixfold. Canada (X tons) ranked third in terms of total exports with a 3.7% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +38.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+40.2% per year) and Canada (+293.1% per year).

In value terms, China ($X), Finland ($X) and Canada ($X) appeared to be the largest markets for precious metal ore and concentrate exported from Ecuador worldwide, with a combined 51% share of total exports.

Canada, with a CAGR of +355.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for precious metal ores and concentrates amounted to $X per ton, standing approx. at the previous year. Over the period under review, the export price recorded a strong increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by 222% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to China ($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 Bulgaria (+117.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Precious Metal Ores And Concentrates

Imports into Ecuador

In 2022, the amount of precious metal ores and concentrates imported into Ecuador rose to X kg, picking up by 3.6% against 2021. Over the period under review, imports recorded significant growth. The growth pace was the most rapid in 2016 when imports increased by 330% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, precious metal ore and concentrate imports soared to $X in 2022. In general, imports recorded a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of 334%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

Canada (X kg) and the United States (X kg) were the main suppliers of precious metal ore and concentrate imports to Ecuador.

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 +65.7%).

In value terms, Canada ($X) constituted the largest supplier of precious metal ores and concentrates to Ecuador, comprising 91% of total imports. The second position in the ranking was taken by the United States ($X), with an 8.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Canada amounted to +52.8%.

Import Prices by Country

In 2022, the average import price for precious metal ores and concentrates amounted to $X per ton, rising by 17% against the previous year. Overall, the import price continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2021 when the average import price increased by 94% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+28.8%).

Source: IndexBox Platform

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