Ukraine: Silver Market 2025

Silver Market Size in Ukraine

In 2021, after two years of decline, there was significant growth in the Ukrainian silver market, when its value increased by 104% to $X. Overall, consumption, however, showed a perceptible decline. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Silver Production in Ukraine

In value terms, silver production expanded remarkably to $X in 2021 estimated in export price. In general, production, however, faced a abrupt slump. The pace of growth was the most pronounced in 2015 when the production volume increased by 187% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Silver Exports

Exports from Ukraine

In 2021, after three years of decline, there was significant growth in overseas shipments of silver including silver plated with gold or platinum, when their volume increased by 333% to X kg. Over the period under review, exports, however, saw a dramatic slump. The pace of growth was the most pronounced in 2017 when exports increased by 2,817% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, silver exports surged to $X in 2021. In general, exports, however, faced a dramatic downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 7,054% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Hungary (X kg), Poland (X kg) and Georgia (X kg) were the main destinations of silver exports from Ukraine, together comprising 85% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hungary (with a CAGR of +400.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for silver exported from Ukraine were Georgia ($X), Hungary ($X) and Poland ($X), together accounting for 91% of total exports.

Hungary, with a CAGR of +2,664.1%, saw the highest growth rate of 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 export price stood at $X per ton in 2021, reducing by -14.2% against the previous year. Over the period under review, the export price showed a abrupt curtailment. The pace of growth appeared the most rapid in 2019 an increase of 226% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Georgia ($X per ton), while the average price for exports to Poland ($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 Hungary (+690.6%), while the prices for the other major destinations experienced mixed trend patterns.

Silver Imports

Imports into Ukraine

In 2021, the amount of silver including silver plated with gold or platinum imported into Ukraine soared to X tons, growing by 71% on the previous year. In general, imports, however, showed a noticeable setback. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, silver imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt decrease. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Switzerland (X tons), Italy (X tons) and Hungary (X tons) were the main suppliers of silver imports to Ukraine, with a combined 75% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +49.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of silver including silver plated with gold or platinum to Ukraine, comprising 84% of total imports. The second position in the ranking was held by Italy ($X), with a 7.6% share of total imports. It was followed by Germany, with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland stood at +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-3.8% per year) and Germany (-27.9% per year).

Import Prices by Country

The average silver import price stood at $X per ton in 2021, increasing by 110% against the previous year. In general, the import price, however, recorded a noticeable decline. Over the period under review, average 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 supplying countries. In 2021, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for Israel ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lithuania (+6.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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