Luxembourg: Unwrought Silver Market 2024

Unwrought Silver Market Size in Luxembourg

For the third consecutive year, the Luxembourg unwrought silver market recorded growth in sales value, which increased by 48% to $X in 2021. Overall, consumption, however, recorded a abrupt decline. Unwrought silver consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Unwrought Silver Production in Luxembourg

In value terms, unwrought silver production rose markedly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 when the production volume increased by 12%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Unwrought Silver Exports

Exports from Luxembourg

In 2021, overseas shipments of silver, unwrought or in powder form decreased by -69.6% to X kg, falling for the second year in a row after three years of growth. Over the period under review, exports saw a abrupt shrinkage. The growth pace was the most rapid in 2015 with an increase of 754%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, unwrought silver exports contracted notably to $X in 2021. In general, exports showed a abrupt descent. The pace of growth appeared the most rapid in 2015 with an increase of 845%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Belgium (X kg) was the main destination for unwrought silver exports from Luxembourg, accounting for a 92% share of total exports. Moreover, unwrought silver exports to Belgium exceeded the volume sent to the second major destination, Germany (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Belgium stood at +11.9%.

In value terms, Belgium ($X) remains the key foreign market for silver, unwrought or in powder form exports from Luxembourg, comprising 88% of total exports. The second position in the ranking was held by Germany ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Belgium totaled +5.3%.

Export Prices by Country

The average unwrought silver export price stood at $X per ton in 2021, growing by 15% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Belgium totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+12.9%), while the prices for the other major destinations experienced more modest paces of growth.

Unwrought Silver Imports

Imports into Luxembourg

Unwrought silver imports into Luxembourg skyrocketed to X tons in 2021, jumping by 91% against 2020. Overall, imports, however, continue to indicate a deep downturn. The pace of growth was the most pronounced in 2016 when imports increased by 261% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, unwrought silver imports surged to $X in 2021. Over the period under review, imports, however, faced a abrupt slump. The most prominent rate of growth was recorded in 2016 with an increase of 372%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Germany (X tons) constituted the largest unwrought silver supplier to Luxembourg, accounting for a 76% share of total imports. Moreover, unwrought silver imports from Germany exceeded the figures recorded by the second-largest supplier, Belgium (X kg), fourfold. France (X kg) ranked third in terms of total imports with a 2.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany totaled -10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+15.2% per year) and France (-16.2% per year).

In value terms, Germany ($X) constituted the largest supplier of silver, unwrought or in powder form to Luxembourg, comprising 75% of total imports. The second position in the ranking was taken by Belgium ($X), with a 17% share of total imports. It was followed by France, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to -5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+18.5% per year) and France (-12.0% per year).

Import Prices by Country

In 2021, the average unwrought silver import price amounted to $X per ton, falling by -15.6% against the previous year. Overall, import price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, unwrought silver import price decreased by -33.5% against 2018 indices. The growth pace was the most rapid in 2014 when the average import price increased by 90% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 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 Switzerland ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+20.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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