GCC: Semi-Manufactured Silver Market 2025

Semi-Manufactured Silver Market Size in GCC

In 2021, the GCC semi-manufactured silver market increased by less than 0.1% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Semi-Manufactured Silver Production in GCC

In value terms, semi-manufactured silver production declined to $X in 2021 estimated in export price. The total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +11.2% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 35%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Semi-Manufactured Silver Exports

Exports in GCC

In 2021, the amount of silver in semi-manufactured forms exported in GCC surged to X tons, increasing by 55% on the previous year. Over the period under review, exports, however, recorded a deep contraction. The pace of growth appeared the most rapid in 2018 when exports increased by 155%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, semi-manufactured silver exports soared to $X in 2021. In general, exports, however, continue to indicate a significant curtailment. The pace of growth appeared the most rapid in 2018 when exports increased by 88%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the key exporter of silver in semi-manufactured forms in GCC, making up 100% of total export.

The United Arab Emirates was also the fastest-growing in terms of the silver in semi-manufactured forms exports, with a CAGR of -16.9% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest semi-manufactured silver supplier in GCC.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to -21.5%.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, surging by 9.7% against the previous year. In general, the export price, however, showed a deep reduction. The pace of growth appeared the most rapid in 2014 when the export price increased by 17% against the previous year. 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.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to -5.6% per year.

Semi-Manufactured Silver Imports

Imports in GCC

Semi-manufactured silver imports soared to X tons in 2021, picking up by 46% on 2020 figures. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 68% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, semi-manufactured silver imports expanded sharply to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2020 when imports increased by 45% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the major importing country with an import of around X tons, which resulted at 68% of total imports. Kuwait (X tons) took the second position in the ranking, distantly followed by Bahrain (X tons). All these countries together took approx. 31% share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of -2.5% from 2012 to 2021. At the same time, Bahrain (+22.6%) and Kuwait (+18.7%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +22.6% from 2012-2021. From 2012 to 2021, the share of Kuwait and Bahrain increased by +21 and +4 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported silver in semi-manufactured forms in GCC, comprising 90% of total imports. The second position in the ranking was held by Kuwait ($X), with a 6.8% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to -8.5%. In the other countries, the average annual rates were as follows: Kuwait (+13.5% per year) and Bahrain (+19.3% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, waning by -27.5% against the previous year. In general, the import price recorded a deep setback. The most prominent rate of growth was recorded in 2017 when the import price increased by 49% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (-2.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform