Turkey: Silver Market 2024

Silver Market Size in Turkey

The Turkish silver market reduced to $X in 2021, which is down by -9.4% against the previous year. Overall, consumption continues to indicate a mild downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Silver Production in Turkey

In value terms, silver production fell to $X in 2021 estimated in export price. In general, production saw a abrupt setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by 10% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Silver Exports

Exports from Turkey

In 2021, overseas shipments of silver including silver plated with gold or platinum increased by 104% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, exports saw prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 243% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, silver exports surged to $X in 2021. In general, exports enjoyed buoyant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 255% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for silver exports from Turkey, accounting for a 54% share of total exports. Moreover, silver exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), fourfold. Italy (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +183.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+45.5% per year) and Italy (+44.6% per year).

In value terms, the United States ($X) remains the key foreign market for silver including silver plated with gold or platinum exports from Turkey, comprising 79% of total exports. The second position in the ranking was taken by Singapore ($X), with an 8% share of total exports. It was followed by Germany, with a 3.6% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +177.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+49.0% per year) and Germany (+27.7% per year).

Export Prices by Country

In 2021, the average silver export price amounted to $X per ton, surging by 55% against the previous year. In general, the export price, however, saw a deep downturn. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the 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 Switzerland ($X per ton), while the average price for exports to Italy ($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 Nepal (+4.5%), while the prices for the other major destinations experienced mixed trend patterns.

Silver Imports

Imports into Turkey

In 2021, overseas purchases of silver including silver plated with gold or platinum increased by 5.8% to X tons, rising for the third year in a row after two years of decline. Overall, imports showed prominent growth. The pace of growth appeared the most rapid in 2020 with an increase of 67%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, silver imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2020 when imports increased by 141%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Switzerland (X tons), Russia (X tons) and Germany (X tons) were the main suppliers of silver imports to Turkey, with a combined 81% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Switzerland (with a CAGR of +243.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest silver suppliers to Turkey were Switzerland ($X), Russia ($X) and Germany ($X), together comprising 87% of total imports.

Switzerland, with a CAGR of +252.8%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average silver import price stood at $X per ton in 2021, increasing by 12% against the previous year. Over the period under review, the import price, however, saw a pronounced reduction. The growth pace was the most rapid in 2020 an increase of 44%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kazakhstan (+16.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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