MENA: Silver Ore Market 2024

Silver Ore Market Size in MENA

The MENA's silver ore market soared to $X in 2021, with an increase of 63% against the previous year. Overall, consumption, however, continues to indicate a perceptible increase. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Silver Ore Production in MENA

In value terms, silver ore production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 153% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Silver Ore Exports

Exports in MENA

In 2021, shipments abroad of silver ores and concentrates increased by 42% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports posted a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 563% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, silver ore exports soared to $X in 2021. Overall, exports posted strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Morocco represented the major exporting country with an export of around X tons, which amounted to 66% of total exports. The United Arab Emirates (X tons) held the second position in the ranking, followed by Turkey (X tons). All these countries together took approx. 34% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to silver ore exports from Morocco stood at +6.0%. At the same time, the United Arab Emirates (+126.1%) and Turkey (+51.7%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in MENA, with a CAGR of +126.1% from 2012-2021. The United Arab Emirates (+19 p.p.) and Turkey (+14 p.p.) significantly strengthened its position in terms of the total exports, while Morocco saw its share reduced by -17.4% from 2012 to 2021, respectively.

In value terms, Morocco ($X) remains the largest silver ore supplier in MENA, comprising 97% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 2.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Morocco stood at +12.2%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+60.5% per year) and Turkey (+48.4% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, rising by 133% against the previous year. Over the period under review, the export price, however, showed a mild reduction. The growth pace was the most rapid in 2017 when the export price increased by 157% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Morocco ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+5.8%), while the other leaders experienced a decline in the export price figures.

Silver Ore Imports

Imports in MENA

In 2021, supplies from abroad of silver ores and concentrates increased by 81% to X kg, rising for the second year in a row after three years of decline. Overall, imports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2016 with an increase of 130%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, silver ore imports skyrocketed to $X in 2021. In general, imports, however, showed a mild reduction. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of silver ore imports in 2021 were the United Arab Emirates (X kg), Israel (X kg) and Tunisia (X kg), together reaching 89% of total import. It was distantly followed by Turkey (X kg), comprising a 6.4% share of total imports. Bahrain (X kg) held a minor share of total imports.

From 2012 to 2021, the biggest increases were in Tunisia (with a CAGR of +21.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported silver ores and concentrates in MENA, comprising 57% of total imports. The second position in the ranking was taken by Tunisia ($X), with a 6.3% share of total imports. It was followed by Israel, with a 3.7% share.

In the United Arab Emirates, silver ore imports increased at an average annual rate of +8.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Tunisia (-2.7% per year) and Israel (-9.2% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, remaining stable against the previous year. Overall, the import price, however, continues to indicate a deep slump. The pace of growth appeared the most rapid in 2018 when the import price increased by 258% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while Bahrain ($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 United Arab Emirates (+8.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform