Peru: Silver Nitrate Market 2024

Silver Nitrate Market Size in Peru

In 2021, the Peruvian silver nitrate market decreased by -40.3% to $X, falling for the second year in a row after six years of growth. Over the period under review, consumption continues to indicate a mild shrinkage. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Silver Nitrate Production in Peru

In value terms, silver nitrate production dropped sharply to $X in 2021 estimated in export price. In general, production showed a abrupt curtailment. Silver nitrate production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Silver Nitrate Exports

Exports from Peru

After three years of growth, shipments abroad of silver nitrate decreased by -6.1% to X kg in 2021. Over the period under review, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2020 when exports increased by 1,821% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, silver nitrate exports stood at $X in 2021. Overall, exports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2020 when exports increased by 3,360% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Chile (X kg), Honduras (X kg) and Argentina (X kg) were the main destinations of silver nitrate exports from Peru, together comprising 98% 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 Chile (with a CAGR of +0.9%), while the other leaders experienced mixed trend patterns.

In value terms, Chile ($X) remains the key foreign market for silver nitrate exports from Peru, comprising 78% of total exports. The second position in the ranking was taken by Argentina ($X), with a 19% share of total exports. It was followed by Honduras, with a 0.6% share.

From 2012 to 2021, the average annual growth rate of value to Chile amounted to +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (-23.1% per year) and Honduras (0.0% per year).

Export Prices by Country

The average silver nitrate export price stood at $X per ton in 2021, growing by 7.7% against the previous year. In general, the export price, however, showed a mild downturn. The most prominent rate of growth was recorded in 2020 when the average export price increased by 80% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Honduras ($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 Nicaragua (+66.5%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Nitrate Imports

Imports into Peru

In 2021, overseas purchases of silver nitrate decreased by -22.2% to X kg, falling for the second year in a row after two years of growth. Overall, imports continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2013 with an increase of 59%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, silver nitrate imports soared to $X in 2021. Over the period under review, imports, however, enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2019 when imports increased by 179%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Germany (X kg) was the main supplier of silver nitrate to Peru, accounting for a 93% share of total imports. Moreover, silver nitrate imports from Germany exceeded the figures recorded by the second-largest supplier, North Macedonia (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany amounted to +16.1%. The remaining supplying countries recorded the following average annual rates of imports growth: North Macedonia (-17.9% per year) and the Netherlands (+14.9% per year).

In value terms, North Macedonia ($X) constituted the largest supplier of silver nitrate to Peru, comprising 51% of total imports. The second position in the ranking was taken by Germany ($X), with a 22% share of total imports. It was followed by the Netherlands, with a 19% share.

From 2012 to 2021, the average annual growth rate of value from North Macedonia amounted to +5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+4.2% per year) and the Netherlands (+28.5% per year).

Import Prices by Country

In 2021, the average silver nitrate import price amounted to $X per ton, rising by 193% against the previous year. Over the period under review, the import price recorded a strong increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+115.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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