MENA: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in MENA

The MENA's semi-manufactured gold market declined significantly to $X in 2022, with a decrease of -27.7% against the previous year. In general, consumption, however, recorded a resilient expansion. The level of consumption peaked at $X in 2021, and then declined rapidly in the following year.

Semi-Manufactured Gold Production in MENA

In value terms, semi-manufactured gold production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2020 when the production volume increased by 20%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Semi-Manufactured Gold Exports

Exports in MENA

Semi-manufactured gold exports shrank remarkably to X tons in 2022, with a decrease of -34.1% against the year before. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 194% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, semi-manufactured gold exports fell rapidly to $X in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 217% against the previous year. As a result, the exports attained the peak of $X, and then reduced remarkably in the following year.

Exports by Country

The United Arab Emirates dominates exports structure, finishing at X tons, which was approx. 94% of total exports in 2022. It was distantly followed by Iran (X tons), committing a 4.6% share of total exports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of gold, in semi-manufactured forms. At the same time, Iran (+10.4%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in MENA, with a CAGR of +10.4% from 2012-2022. Iran (+3 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -2.2% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest semi-manufactured gold supplier in MENA, comprising 96% of total exports. The second position in the ranking was held by Iran ($X), with a 2.7% share of total exports.

In the United Arab Emirates, semi-manufactured gold exports remained relatively stable over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in MENA amounted to $X per kg, shrinking by -1.9% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 17% against the previous year. The level of export peaked at $X per kg in 2021, and then contracted slightly in the following year.

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 the United Arab Emirates ($X per kg), while Iran totaled $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.7%).

Semi-Manufactured Gold Imports

Imports in MENA

In 2022, the amount of gold, in semi-manufactured forms imported in MENA declined remarkably to X tons, shrinking by -31% compared with the year before. Over the period under review, imports, however, recorded a prominent expansion. The growth pace was the most rapid in 2013 when imports increased by 472%. Over the period under review, imports hit record highs at X tons in 2021, and then dropped significantly in the following year.

In value terms, semi-manufactured gold imports declined to $X in 2022. In general, imports, however, showed strong growth. The pace of growth was the most pronounced in 2013 when imports increased by 732%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, reaching X tons, which was approx. 93% of total imports in 2022. It was distantly followed by Jordan (X tons), constituting a 5.1% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +16.6% from 2012 to 2022. At the same time, Jordan (+66.9%) displayed positive paces of growth. Moreover, Jordan emerged as the fastest-growing importer imported in MENA, with a CAGR of +66.9% from 2012-2022. From 2012 to 2022, the share of Jordan increased by +5 percentage points.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported gold, in semi-manufactured forms in MENA, comprising 90% of total imports. The second position in the ranking was held by Jordan ($X), with an 8.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at +18.0%.

Import Prices by Country

The import price in MENA stood at $X per kg in 2022, jumping by 31% against the previous year. Overall, the import price continues to indicate a modest increase. The growth pace was the most rapid in 2013 an increase of 45% against the previous year. The level of import peaked at $X per kg in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Jordan ($X per kg), while the United Arab Emirates totaled $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+2.3%).

Source: IndexBox Platform