Portugal: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Portugal

In 2022, the Portuguese semi-manufactured gold market increased by 14% to $X, rising for the second consecutive year after eight years of decline. In general, consumption, however, recorded a noticeable contraction. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Semi-Manufactured Gold Production in Portugal

In value terms, semi-manufactured gold production reduced sharply to $X in 2022 estimated in export price. Overall, production showed a dramatic decline. The pace of growth appeared the most rapid in 2021 with an increase of 61% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Semi-Manufactured Gold Exports

Exports from Portugal

For the third consecutive year, Portugal recorded decline in shipments abroad of gold, in semi-manufactured forms, which decreased by -7.2% to X tons in 2022. In general, exports recorded a sharp setback. The most prominent rate of growth was recorded in 2016 with an increase of 27%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, semi-manufactured gold exports declined to $X in 2022. Overall, exports faced a dramatic downturn. The most prominent rate of growth was recorded in 2016 with an increase of 38% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X kg) was the main destination for semi-manufactured gold exports from Portugal, with a 46% share of total exports. Moreover, semi-manufactured gold exports to Germany exceeded the volume sent to the second major destination, Spain (X kg), twofold. Italy (X kg) ranked third in terms of total exports with a 21% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-21.3% per year) and Italy (-11.4% per year).

In value terms, Germany ($X), Italy ($X) and Spain ($X) were the largest markets for semi-manufactured gold exported from Portugal worldwide, with a combined 89% share of total exports.

Germany, with a CAGR of -0.2%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average semi-manufactured gold export price stood at $X per kg in 2022, growing by 1.5% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average export price increased by 25% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Italy ($X per kg) and France ($X per kg), while the average price for exports to Germany ($X per kg) and Spain ($X per kg) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into Portugal

In 2022, purchases abroad of gold, in semi-manufactured forms was finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when imports increased by 31% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, semi-manufactured gold imports skyrocketed to $X in 2022. In general, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +78.7% against 2018 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 53% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

France (X kg), Germany (X kg) and Gabon (X kg) were the main suppliers of semi-manufactured gold imports to Portugal, with a combined 82% share of total imports. Spain, Paraguay, Austria and Hong Kong SAR lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +43.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Germany ($X) and Gabon ($X) appeared to be the largest semi-manufactured gold suppliers to Portugal, with a combined 83% share of total imports. Spain, Paraguay, Austria and Hong Kong SAR lagged somewhat behind, together comprising a further 16%.

Among the main suppliers, Austria, with a CAGR of +61.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average semi-manufactured gold import price amounted to $X per kg, with an increase of 3.3% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 27% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+12.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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