Turkey: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Turkey

The Turkish semi-manufactured gold market expanded notably to $X in 2022, growing by 8.1% against the previous year. The market value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Semi-Manufactured Gold Production in Turkey

In value terms, semi-manufactured gold production shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 6.6%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Semi-Manufactured Gold Exports

Exports from Turkey

In 2022, approx. X kg of gold, in semi-manufactured forms were exported from Turkey; which is down by -42.2% on 2021 figures. In general, exports, however, saw a noticeable expansion. The growth pace was the most rapid in 2018 with an increase of 11,700% against the previous year. The exports peaked at X kg in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, semi-manufactured gold exports dropped markedly to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 527,116%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

France (X kg) was the main destination for semi-manufactured gold exports from Turkey, with a 47% share of total exports. Moreover, semi-manufactured gold exports to France exceeded the volume sent to the second major destination, the United States (X kg), fourfold. The third position in this ranking was held by the UK (X kg), with a 6.8% share.

From 2012 to 2022, the average annual growth rate of volume to France stood at +833.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+11.9% per year) and the UK (+26.0% per year).

In value terms, the United States ($X) remains the key foreign market for gold, in semi-manufactured forms exports from Turkey, comprising 86% of total exports. The second position in the ranking was taken by France ($X), with a 5.4% share of total exports. It was followed by Germany, with a 3.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +18.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+4,620.4% per year) and Germany (+3.3% per year).

Export Prices by Country

The average semi-manufactured gold export price stood at $X per kg in 2022, waning by -42.2% against the previous year. In general, the export price showed a perceptible curtailment. The growth pace was the most rapid in 2018 when the average export price increased by 4,368% against the previous year. As a result, the export price attained the peak level of $X per kg. From 2019 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per kg), while the average price for exports to Belgium ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bosnia and Herzegovina (+8,112.5%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into Turkey

In 2022, approx. X kg of gold, in semi-manufactured forms were imported into Turkey; with an increase of 31% against 2021 figures. Over the period under review, imports saw a remarkable increase. The pace of growth was the most pronounced in 2018 when imports increased by 51%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, semi-manufactured gold imports soared to $X in 2022. Overall, imports continue to indicate a measured expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 74%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the United States (X kg) constituted the largest semi-manufactured gold supplier to Turkey, with a 61% share of total imports. Moreover, semi-manufactured gold imports from the United States exceeded the figures recorded by the second-largest supplier, Germany (X kg), threefold. The third position in this ranking was taken by China (X kg), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +45.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.8% per year) and China (+31.1% per year).

In value terms, the United States ($X) constituted the largest supplier of gold, in semi-manufactured forms to Turkey, comprising 67% of total imports. The second position in the ranking was taken by China ($X), with a 12% share of total imports. It was followed by Italy, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +51.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+37.6% per year) and Italy (-4.1% per year).

Import Prices by Country

In 2022, the average semi-manufactured gold import price amounted to $X per kg, declining by -6.9% against the previous year. Over the period under review, the import price saw a noticeable setback. The most prominent rate of growth was recorded in 2021 an increase of 28%. Over the period under review, average import prices attained the peak figure at $X per kg in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per kg), while the price for Germany ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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