Hungary: Gold Market 2025

Gold Market Size in Hungary

In 2021, the Hungarian gold market increased by 131% to $X, rising for the second consecutive year after two years of decline. Overall, consumption saw buoyant growth. Gold consumption peaked in 2021 and is likely to see steady growth in the near future.

Gold Production in Hungary

In value terms, gold production soared to $X in 2021 estimated in export price. Over the period under review, the total production indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -18.2% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 72%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Gold Exports

Exports from Hungary

In 2021, overseas shipments of gold decreased by -17.1% to X tons, falling for the second consecutive year after two years of growth. Overall, exports continue to indicate a deep setback. The growth pace was the most rapid in 2018 with an increase of 71% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, gold exports dropped notably to $X in 2021. In general, exports showed a abrupt decrease. The growth pace was the most rapid in 2016 when exports increased by 39%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Turkey (X kg) was the main destination for gold exports from Hungary, with a 55% share of total exports. Moreover, gold exports to Turkey exceeded the volume sent to the second major destination, Italy (X kg), threefold. The third position in this ranking was held by Bulgaria (X kg), with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Turkey stood at +9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+2.9% per year) and Bulgaria (+920.0% per year).

In value terms, Turkey ($X) emerged as the key foreign market for gold exports from Hungary, comprising 47% of total exports. The second position in the ranking was held by Bulgaria ($X), with a 21% share of total exports. It was followed by Italy, with a 16% share.

From 2012 to 2021, the average annual growth rate of value to Turkey totaled +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+907.5% per year) and Italy (+2.7% per year).

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, reducing by -8.4% against the previous year. Over the period under review, export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold export price decreased by -24.1% against 2017 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 81% against the previous year. As a result, the export price reached the peak level of $X per kg. From 2018 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovakia ($X per kg), while the average price for exports to Turkey ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Hungary

In 2021, overseas purchases of gold increased by 77% to X tons, rising for the fourth year in a row after four years of decline. Over the period under review, imports enjoyed mild growth. The most prominent rate of growth was recorded in 2020 with an increase of 78% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, gold imports skyrocketed to $X in 2021. Overall, imports continue to indicate a slight expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Austria (X tons) constituted the largest gold supplier to Hungary, accounting for a 60% share of total imports. Moreover, gold imports from Austria exceeded the figures recorded by the second-largest supplier, Germany (X kg), threefold. Italy (X kg) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Austria totaled +1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-0.8% per year) and Italy (+5.0% per year).

In value terms, Austria ($X) constituted the largest supplier of gold to Hungary, comprising 64% of total imports. The second position in the ranking was held by Germany ($X), with a 20% share of total imports. It was followed by Italy, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Austria stood at +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.2% per year) and Italy (+4.7% per year).

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, rising by 13% 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 19%. Over the period under review, average import prices attained the maximum at $X per kg in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Austria ($X per kg) and Italy ($X per kg), while the price for Germany ($X per kg) and Slovakia ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :