Middle East: Semi-Manufactured Silver Market 2025

Semi-Manufactured Silver Market Size in the Middle East

The Middle Eastern semi-manufactured silver market declined to $X in 2021, which is down by -7.8% against the previous year. In general, consumption, however, continues to indicate a notable increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Semi-Manufactured Silver Production in the Middle East

In value terms, semi-manufactured silver production dropped to $X in 2021 estimated in export price. Overall, production, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2017 with an increase of 69%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Semi-Manufactured Silver Exports

Exports in the Middle East

For the fourth consecutive year, the Middle East recorded growth in overseas shipments of silver in semi-manufactured forms, which increased by 42% to X tons in 2021. In general, exports showed significant growth. The pace of growth was the most pronounced in 2020 with an increase of 249%. The volume of export peaked in 2021 and is likely to see steady growth in years to come.

In value terms, semi-manufactured silver exports soared to $X in 2021. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 182%. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Exports by Country

Turkey dominates exports structure, recording X tons, which was approx. 92% of total exports in 2021. It was distantly followed by Israel (X tons), generating a 5.3% share of total exports. The United Arab Emirates (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the silver in semi-manufactured forms exports, with a CAGR of +41.2% from 2012 to 2021. At the same time, Israel (+22.8%) displayed positive paces of growth. By contrast, the United Arab Emirates (-16.9%) illustrated a downward trend over the same period. While the share of Turkey (+70 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-70.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest semi-manufactured silver supplier in the Middle East, comprising 68% of total exports. The second position in the ranking was taken by Israel ($X), with a 22% share of total exports.

In Turkey, semi-manufactured silver exports expanded at an average annual rate of +32.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Israel (+22.6% per year) and the United Arab Emirates (-21.5% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price, however, saw a deep reduction. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (-0.2%), while the other leaders experienced a decline in the export price figures.

Semi-Manufactured Silver Imports

Imports in the Middle East

In 2021, semi-manufactured silver imports in the Middle East surged to X tons, with an increase of 29% against the previous year's figure. The total import volume increased at an average annual rate of +4.0% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, semi-manufactured silver imports surged to $X in 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Turkey (X tons) and Israel (X tons) represented the largest importers of silver in semi-manufactured forms in 2021, amounting to near 39% and 31% of total imports, respectively. The United Arab Emirates (X tons) ranks next in terms of the total imports with a 20% share, followed by Kuwait (7.6%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Kuwait (with a CAGR of +18.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Israel ($X) constitutes the largest market for imported silver in semi-manufactured forms in the Middle East, comprising 52% of total imports. The second position in the ranking was taken by Turkey ($X), with a 24% share of total imports. It was followed by the United Arab Emirates, with a 21% share.

From 2012 to 2021, the average annual growth rate of value in Israel amounted to +8.9%. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (-0.5% per year) and the United Arab Emirates (-8.5% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, growing by 7.1% against the previous year. In general, the import price, however, continues to indicate a noticeable reduction. The pace of growth was the most pronounced in 2020 an increase of 24%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Israel ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (-2.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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