Scandinavia: Silver Market 2025

Silver Market Size in Scandinavia

The Scandinavia silver market expanded significantly to $X in 2021, rising by 9.4% against the previous year. In general, consumption, however, recorded a mild decrease. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Silver Production in Scandinavia

In value terms, silver production dropped modestly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a pronounced decrease. The pace of growth appeared the most rapid in 2020 when the production volume increased by 22%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Silver Exports

Exports in Scandinavia

In 2021, approx. X tons of silver including silver plated with gold or platinum were exported in Scandinavia; shrinking by -6.1% compared with 2020. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by 30%. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, silver exports soared to $X in 2021. Over the period under review, exports showed a perceptible setback. The growth pace was the most rapid in 2020 when exports increased by 72% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Sweden prevails in exports structure, accounting for X tons, which was near 93% of total exports in 2021. The following exporters - Norway (X tons) and Denmark (X tons) - each finished at a 6.8% share of total exports.

Sweden experienced a relatively flat trend pattern with regard to volume of exports of silver including silver plated with gold or platinum. Denmark (-6.5%) and Norway (-10.3%) illustrated a downward trend over the same period. While the share of Sweden (+7.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Denmark (-2.4 p.p.) and Norway (-5.2 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) remains the largest silver supplier in Scandinavia, comprising 95% of total exports. The second position in the ranking was held by Norway ($X), with a 3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Sweden amounted to -1.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Norway (-13.2% per year) and Denmark (-8.7% per year).

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per ton, jumping by 25% against the previous year. Overall, the export price, however, continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2020 when the export price increased by 32%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while Denmark ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (-1.4%), while the other leaders experienced a decline in the export price figures.

Silver Imports

Imports in Scandinavia

In 2021, approx. X tons of silver including silver plated with gold or platinum were imported in Scandinavia; picking up by 136% against 2020 figures. Over the period under review, imports recorded a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, silver imports surged to $X in 2021. Overall, imports, however, saw a deep setback. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Denmark dominates imports structure, amounting to X tons, which was near 87% of total imports in 2021. It was distantly followed by Sweden (X tons), mixing up a 6.2% share of total imports. The following importers - Finland (X tons) and Norway (X tons) - together made up 6.9% of total imports.

Imports into Denmark increased at an average annual rate of +1.8% from 2012 to 2021. At the same time, Finland (+4.2%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +4.2% from 2012-2021. By contrast, Norway (-8.3%) and Sweden (-8.4%) illustrated a downward trend over the same period. While the share of Denmark (+11 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Norway (-3.9 p.p.) and Sweden (-7.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) constitutes the largest market for imported silver including silver plated with gold or platinum in Scandinavia, comprising 46% of total imports. The second position in the ranking was taken by Denmark ($X), with a 21% share of total imports. It was followed by Norway, with a 16% share.

From 2012 to 2021, the average annual growth rate of value in Sweden stood at -6.6%. The remaining importing countries recorded the following average annual rates of imports growth: Denmark (-1.1% per year) and Norway (-12.3% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2021, shrinking by -44.5% against the previous year. In general, the import price recorded a deep downturn. The pace of growth appeared the most rapid in 2016 an increase of 57% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Sweden ($X per ton), while Denmark ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform