Kuwait: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Kuwait

In 2022, the Kuwaiti market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver was finally on the rise to reach $X for the first time since 2017, thus ending a four-year declining trend. Overall, consumption, however, continues to indicate a abrupt contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Kuwait

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver totaled $X in 2022 estimated in export price. Overall, production saw a dramatic decline. The growth pace was the most rapid in 2021 when the production volume decreased by 99.9%. Production of peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports from Kuwait

In 2022, overseas shipments of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver decreased by -13% to X kg, falling for the second year in a row after three years of growth. Overall, exports, however, continue to indicate strong growth. The growth pace was the most rapid in 2013 when exports increased by 200% against the previous year. The exports peaked at X kg in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver surged to $X in 2022. In general, exports saw a pronounced slump. The pace of growth appeared the most rapid in 2016 with an increase of 495%. Over the period under review, the exports of attained the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Kuwait, with a 75% share of total exports. Moreover, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to the United Arab Emirates exceeded the volume sent to the second major destination, Italy (X kg), fivefold. The third position in this ranking was taken by the United States (X kg), with a 5% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates totaled +11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+11.6% per year) and the United States (0.0% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exports from Kuwait, comprising 82% of total exports. The second position in the ranking was taken by Italy ($X), with a 17% share of total exports. It was followed by the United States, with a 0.4% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates stood at -1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+3.1% per year) and the United States (-13.4% per year).

Export Prices by Country

In 2022, the average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, picking up by 50% against the previous year. In general, the export price, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2016 an increase of 346% against the previous year. Over the period under review, the average export prices attained the maximum at $X per kg in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (-7.6%), while the prices for the other major destinations experienced a decline.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports into Kuwait

In 2022, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver into Kuwait contracted markedly to X kg, which is down by -17.9% against 2021. Over the period under review, imports saw a abrupt slump. The pace of growth was the most pronounced in 2015 with an increase of 45%. Over the period under review, imports of attained the maximum at X kg in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver dropped to $X in 2022. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 31%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Lebanon (X kg) constituted the largest non-silver precious metal goldsmiths ware articles supplier to Kuwait, accounting for a 13% share of total imports. Moreover, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Lebanon exceeded the figures recorded by the second-largest supplier, India (X kg), threefold. The third position in this ranking was taken by Austria (X kg), with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Lebanon totaled +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (0.0% per year) and Austria (-6.7% per year).

In value terms, the largest non-silver precious metal goldsmiths ware articles suppliers to Kuwait were Lebanon ($X), Singapore ($X) and France ($X), with a combined 52% share of total imports.

Lebanon, with a CAGR of +29.1%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per kg in 2022, rising by 9.7% against the previous year. Overall, the import price recorded prominent growth. The pace of growth appeared the most rapid in 2013 an increase of 97% against the previous year. Over the period under review, average import prices reached the maximum at $X per kg in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 Singapore ($X per kg), while the price for Poland ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+40.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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