Russian Federation: Semi-Manufactured Silver Market 2025

Semi-Manufactured Silver Market Size in the Russian Federation

The Russian semi-manufactured silver market declined modestly to $X in 2021, waning by -2.9% against the previous year. Overall, consumption, however, showed strong growth. Semi-manufactured silver consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Semi-Manufactured Silver Production in the Russian Federation

In value terms, semi-manufactured silver production declined modestly to $X in 2021 estimated in export price. In general, production, however, saw a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 192%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Semi-Manufactured Silver Exports

Exports from the Russian Federation

In 2021, approx. X tons of silver in semi-manufactured forms were exported from Russia; with a decrease of -2.6% compared with 2020. In general, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2017 when exports increased by 259% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, semi-manufactured silver exports declined to $X in 2021. Overall, exports faced a abrupt contraction. The pace of growth was the most pronounced in 2017 with an increase of 414%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for semi-manufactured silver exports from Russia, with a 92% share of total exports. Moreover, semi-manufactured silver exports to India exceeded the volume sent to the second major destination, Singapore (X kg), more than tenfold. The third position in this ranking was taken by the United States (X kg), with a 0.1% share.

From 2012 to 2021, the average annual growth rate of volume to India amounted to -8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-23.0% per year) and the United States (-57.6% per year).

In value terms, India ($X) remains the key foreign market for silver in semi-manufactured forms exports from Russia, comprising 91% of total exports. The second position in the ranking was held by Singapore ($X), with a 4.2% share of total exports. It was followed by the United States, with a 0.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to India totaled -20.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-33.5% per year) and the United States (-60.2% per year).

Export Prices by Country

The average semi-manufactured silver export price stood at $X per ton in 2021, dropping by -3.3% against the previous year. In general, the export price, however, continues to indicate a perceptible increase. The pace of growth was the most pronounced in 2013 an increase of 196%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a 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 the United States ($X per ton), while the average price for exports to Ukraine ($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 Latvia (-3.7%), while the prices for the other major destinations experienced a decline.

Semi-Manufactured Silver Imports

Imports into the Russian Federation

Semi-manufactured silver imports into Russia fell modestly to X tons in 2021, which is down by -3.8% on 2020. Over the period under review, imports, however, showed buoyant growth. The pace of growth was the most pronounced in 2020 when imports increased by 87%. As a result, imports reached the peak of X tons, and then shrank modestly in the following year.

In value terms, semi-manufactured silver imports skyrocketed to $X in 2021. In general, imports, however, saw significant growth. The growth pace was the most rapid in 2020 when imports increased by 193% against the previous year. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

Italy (X tons), South Korea (X tons) and Lithuania (X tons) were the main suppliers of semi-manufactured silver imports to Russia, with a combined 51% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +131.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of silver in semi-manufactured forms to Russia, comprising 28% of total imports. The second position in the ranking was taken by Lithuania ($X), with a 10% share of total imports. It was followed by South Korea, with a 6.9% share.

From 2012 to 2021, the average annual growth rate of value from Italy stood at +19.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+27.0% per year) and South Korea (+100.6% per year).

Import Prices by Country

In 2021, the average semi-manufactured silver import price amounted to $X per ton, increasing by 34% against the previous year. Over the period under review, the import price saw a moderate expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 56% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the near future.

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 Germany ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+10.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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