Greece: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Greece

In 2022, the Greek market for precious metal ores and concentrates decreased by -39.3% to $X, falling for the second year in a row after two years of growth. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Precious Metal Ores And Concentrates in Greece

In value terms, precious metal ore and concentrate production expanded rapidly to $X in 2022 estimated in export price. Overall, production continues to indicate a significant increase. The growth pace was the most rapid in 2014 with an increase of 211%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Precious Metal Ores And Concentrates

Exports from Greece

In 2022, precious metal ore and concentrate exports from Greece skyrocketed to X tons, with an increase of 15% compared with the previous year. Over the period under review, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 638,438% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, precious metal ore and concentrate exports fell to $X in 2022. In general, exports recorded significant growth. The pace of growth was the most pronounced in 2014 with an increase of 19,272%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for precious metal ore and concentrate exports from Greece, with a 73% share of total exports. Moreover, precious metal ore and concentrate exports to China exceeded the volume sent to the second major destination, Bulgaria (X tons), eightfold. Turkey (X tons) ranked third in terms of total exports with a 6.1% share.

From 2013 to 2022, the average annual growth rate of volume to China amounted to +15.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+547.5% per year) and Turkey (0.0% per year).

In value terms, China ($X) remains the key foreign market for precious metal ores and concentrates exports from Greece, comprising 74% of total exports. The second position in the ranking was held by Bulgaria ($X), with a 7.3% share of total exports. It was followed by Turkey, with a 6.3% share.

From 2013 to 2022, the average annual growth rate of value to China totaled +21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+993.6% per year) and Turkey (0.0% per year).

Export Prices by Country

In 2022, the average export price for precious metal ores and concentrates amounted to $X per ton, declining by -19.5% against the previous year. In general, the export price continues to indicate a sharp downturn. The pace of growth was the most pronounced in 2017 when the average export price increased by 43%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Spain ($X per ton) and Russia ($X per ton), while the average price for exports to Bulgaria ($X per ton) and China ($X per ton) were amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (+68.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Precious Metal Ores And Concentrates

Imports into Greece

In 2022, purchases abroad of precious metal ores and concentrates was finally on the rise to reach X kg for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports saw a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of 269,830%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, precious metal ore and concentrate imports soared to $X in 2022. Overall, imports enjoyed prominent growth. The growth pace was the most rapid in 2019 with an increase of 848,237%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X kg) constituted the largest precious metal ore and concentrate supplier to Greece, with a 81% share of total imports. Moreover, precious metal ore and concentrate imports from China exceeded the figures recorded by the second-largest supplier, Canada (X kg), ninefold. The third position in this ranking was held by the UK (X kg), with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +140.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-21.0% per year) and the UK (-74.4% per year).

In value terms, the largest precious metal ore and concentrate suppliers to Greece were the UK ($X), China ($X) and the United States ($X), with a combined 94% share of total imports.

Among the main suppliers, China, with a CAGR of +98.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average import price for precious metal ores and concentrates stood at $X per ton in 2022, jumping by 42% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 265% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+230.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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