Scandinavia: Unwrought Silver Market 2025

Unwrought Silver Market Size in Scandinavia

The Scandinavia unwrought silver market rose modestly to $X in 2021, increasing by 4.2% against the previous year. Overall, consumption, however, posted a prominent expansion. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Unwrought Silver Production in Scandinavia

In value terms, unwrought silver production dropped to $X in 2021 estimated in export price. Over the period under review, production showed a slight shrinkage. The pace of growth appeared the most rapid in 2020 when the production volume increased by 32% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Unwrought Silver Exports

Exports in Scandinavia

In 2021, the amount of silver, unwrought or in powder form exported in Scandinavia fell to X tons, with a decrease of -5.1% compared with 2020. In general, exports continue to indicate a pronounced decrease. The pace of growth appeared the most rapid in 2020 when exports increased by 29%. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, unwrought silver exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2020 with an increase of 66%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Sweden prevails in exports structure, resulting at X tons, which was approx. 93% of total exports in 2021. It was distantly followed by Norway (X tons), achieving a 6.1% share of total exports.

Sweden experienced a relatively flat trend pattern with regard to volume of exports of silver, unwrought or in powder form. Norway experienced a relatively flat trend pattern. Sweden (+22 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) remains the largest unwrought silver supplier in Scandinavia, comprising 95% of total exports. The second position in the ranking was taken by Norway ($X), with a 4.8% share of total exports.

In Sweden, unwrought silver exports remained relatively stable over the period from 2012-2021.

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2021, increasing by 24% against the previous year. Overall, the export price, however, saw a mild downturn. The pace of growth was the most pronounced in 2020 when the export price increased by 29%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while Norway totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (-1.9%).

Unwrought Silver Imports

Imports in Scandinavia

In 2021, purchases abroad of silver, unwrought or in powder form decreased by -23.5% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, imports recorded a noticeable decline. The pace of growth was the most pronounced in 2018 when imports increased by 20% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, unwrought silver imports skyrocketed to $X in 2021. Overall, imports continue to indicate a deep downturn. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Denmark represented the main importer of silver, unwrought or in powder form in Scandinavia, with the volume of imports reaching X tons, which was near 71% of total imports in 2021. Sweden (X tons) ranks second in terms of the total imports with a 17% share, followed by Norway (7.6%). Finland (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to unwrought silver imports into Denmark stood at -3.3%. At the same time, Finland (+7.2%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +7.2% from 2012-2021. By contrast, Sweden (-4.9%) and Norway (-11.1%) illustrated a downward trend over the same period. Denmark (+5.8 p.p.) and Finland (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while Norway saw its share reduced by -7.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Sweden, unwrought silver imports contracted by an average annual rate of -5.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Norway (-13.0% per year) and Denmark (-0.2% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2021, jumping by 73% against the previous year. Overall, the import price, however, continues to indicate a perceptible shrinkage. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+3.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform