Uruguay: Jewelry Market 2024

Jewelry Market Size in Uruguay

The Uruguayan jewelry market declined to $X in 2021, dropping by -8.4% against the previous year. Overall, consumption continues to indicate a noticeable setback. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Jewelry Production in Uruguay

In value terms, jewelry production expanded modestly to $X in 2021 estimated in export price. Overall, production saw a abrupt shrinkage. Jewelry production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Jewelry Exports

Exports from Uruguay

In 2021, the amount of jewelry exported from Uruguay surged to X kg, growing by 40% compared with the previous year's figure. Overall, exports continue to indicate slight growth. The most prominent rate of growth was recorded in 2020 with an increase of 88%. The exports peaked at X kg in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, jewelry exports soared to $X in 2021. In general, exports, however, showed a abrupt shrinkage. The growth pace was the most rapid in 2017 when exports increased by 536% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X kg) was the main destination for jewelry exports from Uruguay, accounting for a 121% share of total exports. Moreover, jewelry exports to the United States exceeded the volume sent to the second major destination, Canada (X kg), fivefold. Italy (X kg) ranked third in terms of total exports with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+39.5% per year) and Italy (+9.9% per year).

In value terms, the United States ($X) remains the key foreign market for jewelry exports from Uruguay, comprising 86% of total exports. The second position in the ranking was held by Canada ($X), with a 1.9% share of total exports. It was followed by Spain, with a 1.4% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to -10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+73.3% per year) and Spain (+9.5% per year).

Export Prices by Country

The average jewelry export price stood at $X per kg in 2021, with a decrease of -5.6% against the previous year. Over the period under review, the export price saw a abrupt descent. The most prominent rate of growth was recorded in 2017 when the average export price increased by 792% against the previous year. Over the period under review, the average export prices hit record highs at $X per kg in 2019; however, from 2020 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, the country with the highest price was the United States ($X per kg), while the average price for exports to the Netherlands ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+34.4%), while the prices for the other major destinations experienced mixed trend patterns.

Jewelry Imports

Imports into Uruguay

In 2021, the amount of jewelry imported into Uruguay reduced to X tons, with a decrease of -12.7% against 2020 figures. In general, imports recorded a perceptible decrease. The growth pace was the most rapid in 2018 when imports increased by 41%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, jewelry imports stood at $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 206% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Italy (X kg), Thailand (X kg) and China (X kg) were the main suppliers of jewelry imports to Uruguay, together accounting for 73% of total imports. The United States, Colombia, Spain, Peru, the UK, Israel, Argentina, Mexico, Panama and Brazil lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2021, the biggest increases were in Israel (with a CAGR of +31.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Thailand ($X) and China ($X) were the largest jewelry suppliers to Uruguay, together comprising 62% of total imports. These countries were followed by Colombia, the United States, Panama, Spain, Peru, Mexico, Argentina, Brazil, Israel and the UK, which together accounted for a further 30%.

Among the main suppliers, Peru, with a CAGR of +30.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average jewelry import price amounted to $X per kg, rising by 23% against the previous year. In general, the import price saw notable growth. The pace of growth was the most pronounced in 2018 an increase of 117% against the previous year. As a result, import price attained the peak level of $X per kg. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Panama ($X per kg), while the price for the UK ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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