Greece: Silver Market 2024

Silver Market Size in Greece

In 2021, the Greek silver market decreased by -20.1% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption, however, showed a relatively flat trend pattern. Silver consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Silver Exports

Exports from Greece

In 2021, approx. X tons of silver including silver plated with gold or platinum were exported from Greece; with a decrease of -5.7% against 2020 figures. Over the period under review, exports recorded a pronounced reduction. The pace of growth appeared the most rapid in 2020 with an increase of 471% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, silver exports totaled $X in 2021. In general, exports, however, continue to indicate a prominent increase. The growth pace was the most rapid in 2020 with an increase of 632% against the previous year. The exports peaked in 2021 and are likely to continue growth in the near future.

Exports by Country

Turkey (X tons) was the main destination for silver exports from Greece, with a 89% share of total exports. Moreover, silver exports to Turkey exceeded the volume sent to the second major destination, Germany (X kg), more than tenfold. The third position in this ranking was held by Cyprus (X kg), with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Turkey totaled +11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-11.8% per year) and Cyprus (-23.8% per year).

In value terms, Turkey ($X) remains the key foreign market for silver including silver plated with gold or platinum exports from Greece, comprising 89% of total exports. The second position in the ranking was held by Germany ($X), with a 5% share of total exports. It was followed by Hong Kong SAR, with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Turkey amounted to +14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-10.0% per year) and Hong Kong SAR (-18.0% per year).

Export Prices by Country

In 2021, the average silver export price amounted to $X per ton, increasing by 15% against the previous year. Overall, the export price saw a buoyant expansion. The most prominent rate of growth was recorded in 2018 an increase of 66%. The export price peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+28.6%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Imports

Imports into Greece

In 2021, approx. X tons of silver including silver plated with gold or platinum were imported into Greece; with an increase of 4% on the year before. In general, imports enjoyed measured growth. The pace of growth appeared the most rapid in 2018 when imports increased by 127%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, silver imports plummeted to $X in 2021. Overall, imports, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of 104%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Italy (X tons) constituted the largest silver supplier to Greece, accounting for a 89% share of total imports. Moreover, silver imports from Italy exceeded the figures recorded by the second-largest supplier, Spain (X tons), more than tenfold. Germany (X tons) ranked third in terms of total imports with a 5% share.

From 2012 to 2021, the average annual growth rate of volume from Italy amounted to +16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+12.4% per year) and Germany (-7.3% per year).

In value terms, the largest silver suppliers to Greece were Italy ($X), Germany ($X) and Spain ($X), together accounting for 100% of total imports.

Spain, with a CAGR of +9.2%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average silver import price stood at $X per ton in 2021, waning by -46.9% against the previous year. Over the period under review, the import price showed a abrupt decrease. The most prominent rate of growth was recorded in 2019 when the average import price increased by 21% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+5.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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