Latin America and the Caribbean: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Latin America and the Caribbean

The Latin American market for precious metal ores and concentrates rose rapidly to $X in 2022, growing by 9.1% against the previous year. Overall, consumption recorded a buoyant increase. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Production of Precious Metal Ores And Concentrates in Latin America and the Caribbean

In value terms, precious metal ore and concentrate production reached $X in 2022 estimated in export price. The total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.5% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 47% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Precious Metal Ores And Concentrates

Exports in Latin America and the Caribbean

In 2022, approx. X tons of precious metal ores and concentrates were exported in Latin America and the Caribbean; increasing by 20% on the previous year. Overall, exports showed a buoyant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 37%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, precious metal ore and concentrate exports contracted modestly to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 36%. As a result, the exports attained the peak of $X, and then dropped modestly in the following year.

Exports by Country

Peru was the main exporter of precious metal ores and concentrates in Latin America and the Caribbean, with the volume of exports finishing at X tons, which was near 66% of total exports in 2022. It was distantly followed by Ecuador (X tons), constituting a 25% share of total exports. The following exporters - Argentina (X tons) and Honduras (X tons) - each recorded a 3.9% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to precious metal ore and concentrate exports from Peru stood at +19.2%. At the same time, Ecuador (+31.5%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +31.5% from 2012-2022. Honduras experienced a relatively flat trend pattern. By contrast, Argentina (-5.7%) illustrated a downward trend over the same period. While the share of Peru (+27 p.p.) and Ecuador (+19 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Honduras (-3.7 p.p.) and Argentina (-11.7 p.p.) displayed negative dynamics.

In value terms, the largest precious metal ore and concentrate supplying countries in Latin America and the Caribbean were Peru ($X), Ecuador ($X) and Argentina ($X), with a combined 71% share of total exports.

Among the main exporting countries, Ecuador, with a CAGR of +41.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, reducing by -19% against the previous year. Overall, the export price continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2020 an increase of 20% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+7.6%), while the other leaders experienced mixed trends in the export price figures.

Imports of Precious Metal Ores And Concentrates

Imports in Latin America and the Caribbean

In 2022, the amount of precious metal ores and concentrates imported in Latin America and the Caribbean contracted to X tons, declining by -13% compared with 2021. In general, imports, however, saw pronounced growth. The pace of growth was the most pronounced in 2014 with an increase of 279% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, precious metal ore and concentrate imports dropped dramatically to $X in 2022. Over the period under review, imports continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2014 with an increase of 102% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Peru was the main importing country with an import of around X tons, which reached 75% of total imports. Chile (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Suriname (8.7%).

Imports into Peru increased at an average annual rate of +46.9% from 2012 to 2022. At the same time, Suriname (+2,659.6%) and Chile (+3.0%) displayed positive paces of growth. Moreover, Suriname emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +2,659.6% from 2012-2022. Peru (+73 p.p.) and Suriname (+8.7 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Peru ($X) constitutes the largest market for imported precious metal ores and concentrates in Latin America and the Caribbean, comprising 74% of total imports. The second position in the ranking was held by Chile ($X), with a 23% share of total imports.

In Peru, precious metal ore and concentrate imports increased at an average annual rate of +36.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+7.6% per year) and Suriname (+441.6% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, which is down by -33.3% against the previous year. Over the period under review, the import price continues to indicate a deep reduction. The growth pace was the most rapid in 2021 when the import price increased by 67%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Chile ($X per ton), while Suriname ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+4.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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