South Africa: Semi-Manufactured Silver Market 2024

Semi-Manufactured Silver Market Size in South Africa

The South African semi-manufactured silver market fell rapidly to $X in 2021, which is down by -19.1% against the previous year. Over the period under review, consumption, however, enjoyed a perceptible increase. Over the period under review, the market hit record highs at $X in 2020, and then contracted remarkably in the following year.

Semi-Manufactured Silver Production in South Africa

In value terms, semi-manufactured silver production contracted to $X in 2021 estimated in export price. Overall, production enjoyed a strong expansion. The pace of growth was the most pronounced in 2017 when the production volume increased by 110% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Semi-Manufactured Silver Exports

Exports from South Africa

In 2021, overseas shipments of silver in semi-manufactured forms decreased by -10.5% to X tons, falling for the third consecutive year after two years of growth. Overall, exports, however, saw strong growth. The pace of growth appeared the most rapid in 2017 with an increase of 1,010% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, semi-manufactured silver exports rose slightly to $X in 2021. Over the period under review, exports, however, recorded prominent growth. The pace of growth appeared the most rapid in 2017 when exports increased by 2,492%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons), Hong Kong SAR (X tons) and the United States (X tons) were the main destinations of semi-manufactured silver exports from South Africa, with a combined 85% share of total exports. Zimbabwe, the Netherlands, Namibia and the UK lagged somewhat behind, together accounting for a further 13%.

From 2012 to 2021, the biggest increases were recorded for Zimbabwe (with a CAGR of +63.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for semi-manufactured silver exported from South Africa were Hong Kong SAR ($X), India ($X) and the United States ($X), with a combined 95% share of total exports. These countries were followed by the Netherlands, Zimbabwe, Namibia and the UK, which together accounted for a further 4.3%.

Among the main countries of destination, the Netherlands, with a CAGR of +134.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average semi-manufactured silver export price amounted to $X per ton, jumping by 16% against the previous year. In general, the export price continues to indicate a strong increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 134%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Namibia ($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 Switzerland (+103.8%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Silver Imports

Imports into South Africa

In 2021, after two years of growth, there was significant decline in purchases abroad of silver in semi-manufactured forms, when their volume decreased by -68.6% to X tons. In general, imports recorded a abrupt descent. The pace of growth was the most pronounced in 2020 when imports increased by 169% against the previous year. As a result, imports reached the peak of X tons, and then shrank sharply in the following year.

In value terms, semi-manufactured silver imports skyrocketed to $X in 2021. Overall, imports, however, saw a pronounced increase. The growth pace was the most rapid in 2017 when imports increased by 57%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Spain (X tons), Germany (X tons) and Italy (X tons) were the main suppliers of semi-manufactured silver imports to South Africa, together comprising 83% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +35.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of silver in semi-manufactured forms to South Africa, comprising 47% of total imports. The second position in the ranking was held by the UK ($X), with a 16% share of total imports. It was followed by Germany, with a 15% share.

From 2012 to 2021, the average annual growth rate of value from Spain stood at +87.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+19.6% per year) and Germany (-12.7% per year).

Import Prices by Country

In 2021, the average semi-manufactured silver import price amounted to $X per ton, picking up by 394% against the previous year. Over the period under review, the import price saw buoyant growth. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+38.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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