GCC: Unwrought Silver Market 2025

Unwrought Silver Market Size in GCC

The GCC unwrought silver market surged to $X in 2021, picking up by 54% against the previous year. Over the period under review, consumption, however, recorded a slight reduction. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Unwrought Silver Production in GCC

In value terms, unwrought silver production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when the production volume increased by 34% against the previous year. As a result, production reached the peak level of $X, and then dropped in the following year.

Unwrought Silver Exports

Exports in GCC

In 2021, the amount of silver, unwrought or in powder form exported in GCC shrank dramatically to X tons, which is down by -49.6% against the previous year. Over the period under review, exports saw a precipitous descent. The growth pace was the most rapid in 2018 with an increase of 240%. 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, unwrought silver exports declined remarkably to $X in 2021. Overall, exports showed a abrupt shrinkage. The growth pace was the most rapid in 2018 with an increase of 147%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates dominates exports structure, accounting for X tons, which was approx. 94% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), achieving a 4.8% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -23.9% from 2012 to 2021. At the same time, Saudi Arabia (+16.5%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +16.5% from 2012-2021. From 2012 to 2021, the share of Saudi Arabia increased by +4.6 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest unwrought silver supplier in GCC, comprising 95% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 4% share of total exports.

In the United Arab Emirates, unwrought silver exports plunged by an average annual rate of -17.2% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, growing by 38% against the previous year. Overall, the export price continues to indicate a resilient increase. The growth pace was the most rapid in 2016 when the export price increased by 130% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+8.7%).

Unwrought Silver Imports

Imports in GCC

In 2021, the amount of silver, unwrought or in powder form imported in GCC soared to X tons, rising by 46% compared with 2020 figures. In general, imports, however, showed a deep reduction. The pace of growth appeared the most rapid in 2020 with an increase of 150% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, unwrought silver imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a slight curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by 238% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the key importing country with an import of around X tons, which resulted at 84% of total imports. It was distantly followed by Saudi Arabia (X tons), achieving a 12% share of total imports. Oman (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to unwrought silver imports into the United Arab Emirates stood at -19.8%. At the same time, Oman (+49.7%) and Saudi Arabia (+29.4%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +49.7% from 2012-2021. Saudi Arabia (+12 p.p.) and Oman (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -15.5% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported silver, unwrought or in powder form in GCC, comprising 63% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 10% share of total imports.

In the United Arab Emirates, unwrought silver imports contracted by an average annual rate of -5.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+23.0% per year) and Oman (+40.8% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, increasing by 57% against the previous year. Over the period under review, the import price posted significant growth. The growth pace was the most rapid in 2014 an increase of 69%. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+18.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform