Latin America and the Caribbean: 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 Latin America and the Caribbean

The Latin American market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank to $X in 2022, waning by -5.2% against the previous year. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2021, and then reduced in the following year.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Latin America and the Caribbean

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver declined to $X in 2022 estimated in export price. The total production indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the production volume increased by 26% against the previous year. The level of production peaked at $X in 2021, and then declined in the following year.

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

Exports in Latin America and the Caribbean

In 2022, approx. X kg of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver were exported in Latin America and the Caribbean; picking up by 55% compared with the previous year. In general, exports, however, faced a abrupt shrinkage. The volume of export peaked at X tons in 2014; however, from 2015 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 declined to $X in 2022. Overall, exports, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2013 with an increase of 46% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports of failed to regain momentum.

Exports by Country

Brazil dominates silver structure, accounting for X kg, which was near 90% of total exports in 2022. The following exporters - Panama (X kg), Peru (X kg) and Argentina (X kg) - each recorded a 6.2% share of total exports.

Exports from Brazil increased at an average annual rate of +7.7% from 2012 to 2022. At the same time, Argentina (+23.1%) and Peru (+3.6%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +23.1% from 2012-2022. By contrast, Panama (-38.2%) illustrated a downward trend over the same period. Brazil (+79 p.p.), Peru (+1.7 p.p.) and Argentina (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Panama saw its share reduced by -73.2% from 2012 to 2022, respectively.

In value terms, Brazil ($X) remains the largest non-silver precious metal goldsmiths ware articles supplier in Latin America and the Caribbean, comprising 73% of total exports. The second position in the ranking was held by Panama ($X), with a 7.3% share of total exports. It was followed by Argentina, with a 0.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Brazil totaled +5.6%. In the other countries, the average annual rates were as follows: Panama (-30.0% per year) and Argentina (+46.0% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per kg in 2022, dropping by -40.1% against the previous year. In general, the export price showed a pronounced contraction. The most prominent rate of growth was recorded in 2013 when the export price increased by 90% against the previous year. As a result, the export price attained the peak level of $X per kg. From 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per kg), while Peru ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+18.6%), while the other leaders experienced more modest paces of growth.

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

Imports in Latin America and the Caribbean

Imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver declined to X tons in 2022, falling by -12.8% on the previous year. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 52%. Over the period under review, imports of reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X in 2022. In general, imports saw a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 62%. Over the period under review, imports of hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Costa Rica (X kg) was the key importer of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, constituting 43% of total imports. Saint Kitts and Nevis (X kg) ranks second in terms of the total imports with a 15% share, followed by Jamaica (8.1%), Turks and Caicos Islands (7.9%), British Virgin Islands (7.1%) and Dominica (5.2%). The following importers - Trinidad and Tobago (X kg) and Peru (X kg) - each finished at a 3.7% share of total imports.

Imports into Costa Rica increased at an average annual rate of +2.7% from 2012 to 2022. At the same time, Dominica (+53.6%), Turks and Caicos Islands (+49.6%), British Virgin Islands (+48.0%), Trinidad and Tobago (+40.5%) and Saint Kitts and Nevis (+39.2%) displayed positive paces of growth. Moreover, Dominica emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +53.6% from 2012-2022. Peru experienced a relatively flat trend pattern. By contrast, Jamaica (-4.1%) illustrated a downward trend over the same period. While the share of Saint Kitts and Nevis (+15 p.p.), Costa Rica (+12 p.p.), Turks and Caicos Islands (+7.8 p.p.), British Virgin Islands (+7 p.p.), Dominica (+5.1 p.p.) and Trinidad and Tobago (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Jamaica (-3.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Costa Rica ($X), British Virgin Islands ($X) and Saint Kitts and Nevis ($X) were the countries with the highest levels of imports in 2022, with a combined 63% share of total imports. Turks and Caicos Islands, Jamaica, Trinidad and Tobago, Peru and Dominica lagged somewhat behind, together comprising a further 22%.

Dominica, with a CAGR of +77.0%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per kg, increasing by 27% against the previous year. Overall, the import price, however, showed a abrupt decrease. The growth pace was the most rapid in 2017 an increase of 66%. As a result, import price reached the peak level of $X per kg. From 2018 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was British Virgin Islands ($X per kg), while Dominica ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Dominica (+15.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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