United Arab Emirates: Silver Market 2024

Silver Market Size in the United Arab Emirates

The silver market in the United Arab Emirates dropped modestly to $X in 2021, remaining stable against the previous year. Overall, consumption continues to indicate a perceptible decrease. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Silver Production in the United Arab Emirates

In value terms, silver production shrank to $X in 2021 estimated in export price. Overall, production showed a abrupt decrease. The growth pace was the most rapid in 2020 when the production volume increased by 32%. Silver production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Silver Exports

Exports from the United Arab Emirates

In 2021, the amount of silver including silver plated with gold or platinum exported from the United Arab Emirates skyrocketed to X tons, with an increase of 39% compared with 2020. Over the period under review, exports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 114% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, silver exports skyrocketed to $X in 2021. In general, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 238% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Nepal (X tons) was the main destination for silver exports from the United Arab Emirates, with a 60% share of total exports. Moreover, silver exports to Nepal exceeded the volume sent to the second major destination, Poland (X tons), fourfold. The UK (X tons) ranked third in terms of total exports with a 7.8% share.

From 2012 to 2021, the average annual growth rate of volume to Nepal totaled +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+31.7% per year) and the UK (+24.5% per year).

In value terms, Nepal ($X) remains the key foreign market for silver including silver plated with gold or platinum exports from the United Arab Emirates, comprising 47% of total exports. The second position in the ranking was held by the UK ($X), with a 14% share of total exports. It was followed by Saudi Arabia, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to Nepal stood at +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+35.5% per year) and Saudi Arabia (+24.9% per year).

Export Prices by Country

The average silver export price stood at $X per ton in 2021, reducing by -9.2% against the previous year. Overall, export price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silver export price increased by +43.2% against 2019 indices. The pace of growth was the most pronounced in 2020 when the average export price increased by 58% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Poland ($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 Oman (+38.1%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Imports

Imports into the United Arab Emirates

Silver imports into the United Arab Emirates soared to X tons in 2021, rising by 46% compared with the year before. In general, imports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2017 when imports increased by 157%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, silver imports surged to $X in 2021. Overall, imports, however, saw a deep reduction. The growth pace was the most rapid in 2018 with an increase of 249%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Switzerland (X tons) constituted the largest supplier of silver to the United Arab Emirates, accounting for a 58% share of total imports. Moreover, silver imports from Switzerland exceeded the figures recorded by the second-largest supplier, Morocco (X tons), fourfold. The third position in this ranking was taken by Hong Kong SAR (X tons), with a 5.1% share.

From 2012 to 2021, the average annual growth rate of volume from Switzerland totaled +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Morocco (-10.8% per year) and Hong Kong SAR (-34.1% per year).

In value terms, Switzerland ($X) constituted the largest supplier of silver including silver plated with gold or platinum to the United Arab Emirates, comprising 63% of total imports. The second position in the ranking was taken by Morocco ($X), with a 13% share of total imports. It was followed by Hong Kong SAR, with a 5.8% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland totaled +20.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Morocco (+5.3% per year) and Hong Kong SAR (-23.3% per year).

Import Prices by Country

In 2021, the average silver import price amounted to $X per ton, with an increase of 21% against the previous year. Overall, the import price posted a prominent expansion. The pace of growth was the most pronounced in 2018 when the average import price increased by 121%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

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 India ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+18.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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