Iraq: Silver Market 2025

Silver Market Size in Iraq

The Iraqi silver market expanded sharply to $X in 2021, growing by 7.7% against the previous year. The market value increased at an average annual rate of +1.0% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Silver Production in Iraq

In value terms, silver production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when the production volume increased by 24%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Silver Exports

Exports from Iraq

In 2021, shipments abroad of silver including silver plated with gold or platinum increased by 52% to X tons, rising for the fourth year in a row after two years of decline. In general, exports enjoyed a significant expansion. The growth pace was the most rapid in 2019 with an increase of 681%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, silver exports skyrocketed to $X in 2021. Overall, exports saw significant growth. The growth pace was the most rapid in 2019 with an increase of 1,063% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

Exports by Country

The United Arab Emirates (X tons) was the main destination for silver exports from Iraq, with a 67% share of total exports. Moreover, silver exports to the United Arab Emirates exceeded the volume sent to the second major destination, Turkey (X tons), twofold.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates stood at +70.6%.

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for silver including silver plated with gold or platinum exports from Iraq, comprising 70% of total exports. The second position in the ranking was held by Turkey ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates totaled +72.8%.

Export Prices by Country

In 2021, the average silver export price amounted to $X per ton, shrinking by -4.6% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 49%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Turkey stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+1.2%).

Silver Imports

Imports into Iraq

In 2021, purchases abroad of silver including silver plated with gold or platinum decreased by -0.5% to X kg, falling for the second consecutive year after two years of growth. Overall, imports, however, recorded significant growth. The pace of growth was the most pronounced in 2015 when imports increased by 200% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, silver imports contracted rapidly to $X in 2021. Over the period under review, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 422%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Turkey (X kg) constituted the largest silver supplier to Iraq, with a 43% share of total imports. Moreover, silver imports from Turkey exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X kg), threefold. The third position in this ranking was held by India (X kg), with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey stood at +39.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+66.6% per year) and India (+65.5% per year).

In value terms, Turkey ($X) constituted the largest supplier of silver including silver plated with gold or platinum to Iraq, comprising 56% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 27% share of total imports. It was followed by India, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Turkey totaled +40.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+61.4% per year) and India (+68.3% per year).

Import Prices by Country

The average silver import price stood at $X per ton in 2021, falling by -42% against the previous year. Over the period under review, the import price showed a mild contraction. The pace of growth appeared the most rapid in 2014 an increase of 115% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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