Morocco: Silver Market 2025

Silver Market Size in Morocco

The Moroccan silver market rose to $X in 2021, growing by 3.8% against the previous year. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Silver Production in Morocco

In value terms, silver production shrank to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2019 when the production volume increased by 11%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Silver Exports

Exports from Morocco

Silver exports from Morocco reduced to X tons in 2021, which is down by -7.6% on the previous year's figure. Over the period under review, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 31% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, silver exports rose significantly to $X in 2021. Overall, exports saw a abrupt contraction. The pace of growth was the most pronounced in 2019 when exports increased by 32%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Switzerland (X tons), the United Arab Emirates (X tons) and Italy (X tons) were the main destinations of silver exports from Morocco, with a combined 95% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +19.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for silver exported from Morocco were Switzerland ($X), the United Arab Emirates ($X) and Italy ($X), together accounting for 98% of total exports.

Among the main countries of destination, the United Arab Emirates, with a CAGR of +17.5%, recorded the highest rates of growth with regard to 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

The average silver export price stood at $X per ton in 2021, surging by 17% against the previous year. In general, export price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silver export price increased by +54.1% against 2018 indices. The most prominent rate of growth was recorded in 2013 an increase of 66%. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+2.3%), while the prices for the other major destinations experienced a decline.

Silver Imports

Imports into Morocco

After two years of decline, purchases abroad of silver including silver plated with gold or platinum increased by 68% to X tons in 2021. Overall, imports posted a perceptible expansion. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, silver imports surged to $X in 2021. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 73%. Over the period under review, imports hit record highs at $X in 2012; afterwards, it flattened through to 2021.

Imports by Country

In 2021, Italy (X tons) constituted the largest silver supplier to Morocco, accounting for a 58% share of total imports. Moreover, silver imports from Italy exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. France (X tons) ranked third in terms of total imports with a 19% share.

From 2012 to 2021, the average annual growth rate of volume from Italy totaled +8.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+77.9% per year) and France (-6.8% per year).

In value terms, Italy ($X) constituted the largest supplier of silver including silver plated with gold or platinum to Morocco, comprising 62% of total imports. The second position in the ranking was held by Spain ($X), with a 23% share of total imports. It was followed by France, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy totaled +17.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+77.9% per year) and France (-17.7% per year).

Import Prices by Country

In 2021, the average silver import price amounted to $X per ton, declining by -8% against the previous year. In general, the import price recorded a perceptible contraction. The most prominent rate of growth was recorded in 2020 an increase of 54% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+8.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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