South Africa: Silver Nitrate Market 2024

Silver Nitrate Market Size in South Africa

In 2021, the South African silver nitrate market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, showed a pronounced decrease. Silver nitrate consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Silver Nitrate Production in South Africa

In value terms, silver nitrate production contracted slightly to $X in 2021 estimated in export price. Overall, the total production indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +47.2% against 2015 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 35% against the previous year. Silver nitrate production peaked at $X in 2020, and then fell slightly in the following year.

Silver Nitrate Exports

Exports from South Africa

In 2021, overseas shipments of silver nitrate decreased by -76% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports, however, enjoyed measured growth. The pace of growth appeared the most rapid in 2020 when exports increased by 215%. As a result, the exports reached the peak of X tons, and then declined significantly in the following year.

In value terms, silver nitrate exports fell significantly to $X in 2021. In general, exports, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2020 when exports increased by 210%. As a result, the exports attained the peak of $X, and then shrank remarkably in the following year.

Exports by Country

Zimbabwe (X kg) was the main destination for silver nitrate exports from South Africa, with a 51% share of total exports. Moreover, silver nitrate exports to Zimbabwe exceeded the volume sent to the second major destination, Namibia (X kg), threefold. The third position in this ranking was taken by Democratic Republic of the Congo (X kg), with an 8.3% share.

From 2012 to 2021, the average annual growth rate of volume to Zimbabwe stood at +17.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Namibia (+47.5% per year) and Democratic Republic of the Congo (-6.1% per year).

In value terms, the largest markets for silver nitrate exported from South Africa were Cote d'Ivoire ($X), Zimbabwe ($X) and Mauritius ($X), with a combined 56% share of total exports.

Cote d'Ivoire, with a CAGR of +51.2%, recorded the highest rates of growth with regard to 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 silver nitrate export price stood at $X per ton in 2021, shrinking by -3.2% against the previous year. In general, the export price, however, saw a tangible expansion. The most prominent rate of growth was recorded in 2018 an increase of 354%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Zimbabwe ($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 China (+434.9%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Nitrate Imports

Imports into South Africa

In 2021, imports of silver nitrate into South Africa skyrocketed to X tons, with an increase of 30% against 2020. In general, imports, however, faced a deep slump. The growth pace was the most rapid in 2015 with an increase of 35% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, silver nitrate imports surged to $X in 2021. Overall, imports, however, recorded a deep contraction. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Germany (X kg), the UK (X kg) and the United States (X kg) were the main suppliers of silver nitrate imports to South Africa, with a combined 99% share of total imports.

From 2012 to 2021, the biggest increases were recorded for the UK (with a CAGR of +39.0%), while purchases for the other leaders experienced a decline.

In value terms, the UK ($X) constituted the largest supplier of silver nitrate to South Africa, comprising 92% of total imports. The second position in the ranking was taken by Germany ($X), with a 7.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the UK totaled +43.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-30.8% per year) and the United States (-17.5% per year).

Import Prices by Country

The average silver nitrate import price stood at $X per ton in 2021, jumping by 49% against the previous year. In general, the import price saw buoyant growth. The pace of growth appeared the most rapid in 2016 an increase of 52% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+3.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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