Norway: Semi-Manufactured Silver Market 2025

Semi-Manufactured Silver Market Size in Norway

The Norwegian semi-manufactured silver market declined to $X in 2021, falling by -7.9% against the previous year. Overall, consumption, however, enjoyed a resilient expansion. Semi-manufactured silver consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Semi-Manufactured Silver Production in Norway

In value terms, semi-manufactured silver production shrank to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a modest increase. The pace of growth was the most pronounced in 2018 with an increase of 66% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Semi-Manufactured Silver Exports

Exports from Norway

In 2021, approx. X tons of silver in semi-manufactured forms were exported from Norway; picking up by 496% on 2020. In general, exports, however, showed a deep slump. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, semi-manufactured silver exports surged to $X in 2021. Overall, exports, however, saw a deep reduction. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X tons) was the main destination for semi-manufactured silver exports from Norway, with a 82% share of total exports. Moreover, semi-manufactured silver exports to Sweden exceeded the volume sent to the second major destination, Saudi Arabia (X kg), sevenfold. The third position in this ranking was taken by Germany (X kg), with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Sweden stood at -8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-33.7% per year) and Germany (+39.8% per year).

In value terms, Sweden ($X) remains the key foreign market for silver in semi-manufactured forms exports from Norway, comprising 91% of total exports. The second position in the ranking was taken by Germany ($X), with a 5.2% share of total exports. It was followed by Saudi Arabia, with a 1.8% share.

From 2012 to 2021, the average annual growth rate of value to Sweden amounted to -11.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+31.9% per year) and Saudi Arabia (-21.3% per year).

Export Prices by Country

In 2021, the average semi-manufactured silver export price amounted to $X per ton, growing by 14% against the previous year. Overall, the export price, however, saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 when the average export price increased by 145%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Saudi Arabia ($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 Saudi Arabia (+18.8%), while the prices for the other major destinations experienced a decline.

Semi-Manufactured Silver Imports

Imports into Norway

In 2021, the amount of silver in semi-manufactured forms imported into Norway dropped markedly to X tons, declining by -19.7% on the previous year's figure. Overall, imports showed a deep slump. The growth pace was the most rapid in 2020 with an increase of 46% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, semi-manufactured silver imports shrank to $X in 2021. In general, imports showed a deep downturn. The most prominent rate of growth was recorded in 2020 with an increase of 44% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Italy (X tons), Germany (X tons) and France (X tons) were the main suppliers of semi-manufactured silver imports to Norway, together accounting for 70% of total imports. Sweden, the Netherlands, Hungary, Turkey and Denmark lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +17.7%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Germany ($X) constituted the largest supplier of silver in semi-manufactured forms to Norway, comprising 48% of total imports. The second position in the ranking was held by Italy ($X), with a 19% share of total imports. It was followed by Turkey, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany totaled -12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.3% per year) and Turkey (-5.0% per year).

Import Prices by Country

The average semi-manufactured silver import price stood at $X per ton in 2021, growing by 12% against the previous year. Overall, the import price, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2018 when the average import price increased by 21% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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 Turkey ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hungary (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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