Saudi Arabia: Gold Market 2024

Gold Market Size in Saudi Arabia

In 2021, the Saudi gold market increased by 20% to $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption, however, continues to indicate a pronounced downturn. Gold consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Gold Production in Saudi Arabia

In value terms, gold production dropped notably to $X in 2021 estimated in export price. Over the period under review, production, however, showed significant growth. The growth pace was the most rapid in 2016 with an increase of 68%. Gold production peaked at $X in 2020, and then shrank markedly in the following year.

Gold Exports

Exports from Saudi Arabia

In 2021, the amount of gold exported from Saudi Arabia contracted remarkably to X tons, with a decrease of -24.9% on the year before. In general, exports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 498% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, gold exports plummeted to $X in 2021. Over the period under review, exports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 192%. As a result, the exports attained the peak of $X, and then fell sharply in the following year.

Exports by Country

Switzerland (X tons), the United Arab Emirates (X kg) and India (X kg) were the main destinations of gold exports from Saudi Arabia, with a combined 84% share of total exports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +53.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for gold exported from Saudi Arabia were the United Arab Emirates ($X), Switzerland ($X) and India ($X), with a combined 85% share of total exports.

The United Arab Emirates, with a CAGR of +55.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average gold export price stood at $X per kg in 2021, reducing by -24.3% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average export price increased by 1,369% against the previous year. The export price peaked at $X per kg in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the highest price was recorded for prices to the United Arab Emirates ($X per kg) and Australia ($X per kg), while the average price for exports to Switzerland ($X per kg) and India ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+2.9%), while the prices for the other major destinations experienced mixed trend patterns.

Gold Imports

Imports into Saudi Arabia

In 2021, after three years of decline, there was significant growth in supplies from abroad of gold, when their volume increased by 87% to X tons. In general, imports, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2013 with an increase of 132%. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, gold imports soared to $X in 2021. Over the period under review, imports showed a resilient expansion. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the main gold supplier to Saudi Arabia, accounting for a 454% share of total imports. Moreover, gold imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Switzerland (X tons), sixfold.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates totaled +21.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-14.4% per year) and South Africa (-3.5% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of gold to Saudi Arabia, comprising 79% of total imports. The second position in the ranking was held by Switzerland ($X), with a 13% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates amounted to +22.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-13.6% per year) and South Africa (-1.9% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, rising by 69% against the previous year. In general, the import price showed significant growth. The growth pace was the most rapid in 2020 when the average import price increased by 287% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in years to come.

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 Switzerland ($X per kg), while the price for the UK ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+48.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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