Iraq: Semi-Manufactured Gold Market 2025

Semi-Manufactured Gold Market Size in Iraq

The Iraqi semi-manufactured gold market fell to $X in 2022, declining by -3.9% against the previous year. In general, consumption, however, saw significant growth. Semi-manufactured gold consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Semi-Manufactured Gold Production in Iraq

In value terms, semi-manufactured gold production shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by 34% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Semi-Manufactured Gold Exports

Exports from Iraq

In 2022, after two years of growth, there was significant decline in overseas shipments of gold, in semi-manufactured forms, when their volume decreased by -66.7% to X kg. Overall, exports continue to indicate a dramatic slump. The most prominent rate of growth was recorded in 2016 with an increase of 333% against the previous year. Over the period under review, the exports hit record highs at X kg in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, semi-manufactured gold exports expanded remarkably to $X in 2022. In general, exports showed a dramatic decline. The most prominent rate of growth was recorded in 2016 when exports increased by 513% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for semi-manufactured gold exports from Iraq, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to -44.5%.

In value terms, the United Arab Emirates ($X) also remains the key foreign market for gold, in semi-manufactured forms exports from Iraq.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates stood at -45.0%.

Export Prices by Country

The average semi-manufactured gold export price stood at $X per kg in 2022, picking up by 222% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per kg in 2019; however, from 2020 to 2022, the export prices remained at a 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 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to -0.9% per year.

Semi-Manufactured Gold Imports

Imports into Iraq

In 2022, imports of gold, in semi-manufactured forms into Iraq dropped dramatically to X kg, which is down by -48% on the previous year. In general, imports recorded a deep downturn. The most prominent rate of growth was recorded in 2015 with an increase of 628% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, semi-manufactured gold imports reduced remarkably to $X in 2022. Overall, imports recorded a pronounced curtailment. The growth pace was the most rapid in 2021 with an increase of 1,264%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X kg) constituted the largest semi-manufactured gold supplier to Iraq, accounting for a 62% share of total imports. Moreover, semi-manufactured gold imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Italy (X kg), fourfold. Finland (X kg) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to -11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-18.2% per year) and Finland (0.0% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of gold, in semi-manufactured forms to Iraq, comprising 91% of total imports. The second position in the ranking was held by Finland ($X), with a 4.1% share of total imports. It was followed by Italy, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates amounted to -3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Finland (0.0% per year) and Italy (-15.0% per year).

Import Prices by Country

In 2022, the average semi-manufactured gold import price amounted to $X per kg, with an increase of 3.2% against the previous year. In general, the import price recorded prominent growth. The growth pace was the most rapid in 2021 an increase of 118% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in years to come.

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 United Arab Emirates ($X per kg), while the price for Turkey ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+28.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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