United Arab Emirates: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in the United Arab Emirates

The market for precious metal ores and concentrates in the United Arab Emirates expanded slightly to $X in 2022, with an increase of 3% against the previous year. Overall, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.9% against 2020 indices. Precious metal ore and concentrate consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Production of Precious Metal Ores And Concentrates in the United Arab Emirates

In value terms, precious metal ore and concentrate production rose modestly to $X in 2022 estimated in export price. In general, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.4% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 89%. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Precious Metal Ores And Concentrates

Exports from the United Arab Emirates

In 2022, overseas shipments of precious metal ores and concentrates decreased by -21.1% to X tons, falling for the fifth consecutive year after two years of growth. Over the period under review, exports showed a mild contraction. The most prominent rate of growth was recorded in 2016 with an increase of 2,383%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, precious metal ore and concentrate exports shrank significantly to $X in 2022. Overall, exports continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2016 when exports increased by 894%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X tons) was the main destination for precious metal ore and concentrate exports from the United Arab Emirates, with a 96% share of total exports. It was followed by Iraq (X kg), with a 1.9% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the UK totaled +13.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (-44.3% per year) and China (+32.0% per year).

In value terms, the UK ($X) remains the key foreign market for precious metal ores and concentrates exports from the United Arab Emirates, comprising 95% of total exports. The second position in the ranking was taken by China ($X), with a 2.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK totaled -11.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+17.9% per year) and Iraq (-18.7% per year).

Export Prices by Country

The average export price for precious metal ores and concentrates stood at $X per ton in 2022, with a decrease of -26% against the previous year. Over the period under review, the export price saw a deep slump. The pace of growth appeared the most rapid in 2015 an increase of 140% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iraq (+46.0%), while the prices for the other major destinations experienced a decline.

Imports of Precious Metal Ores And Concentrates

Imports into the United Arab Emirates

Precious metal ore and concentrate imports into the United Arab Emirates fell remarkably to X tons in 2022, which is down by -60.4% against the previous year's figure. In general, imports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 4,336% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, precious metal ore and concentrate imports dropped rapidly to $X in 2022. Over the period under review, imports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2016 when imports increased by 469%. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Korea (X tons) constituted the largest supplier of precious metal ore and concentrate to the United Arab Emirates, accounting for a 39% share of total imports. Moreover, precious metal ore and concentrate imports from South Korea exceeded the figures recorded by the second-largest supplier, Ghana (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea was relatively modest.

In value terms, the largest precious metal ore and concentrate suppliers to the United Arab Emirates were Ghana ($X) and South Korea ($X).

Ghana, with a CAGR of +26.6%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review.

Import Prices by Country

The average import price for precious metal ores and concentrates stood at $X per ton in 2022, growing by 39% against the previous year. Overall, the import price, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2019 when the average import price increased by 529% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Ghana ($X per ton), while the price for South Korea totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+3.8%).

Source: IndexBox Platform

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