Venezuela: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2025

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Venezuela

The Venezuelan market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver contracted markedly to $X in 2022, with a decrease of -17.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a abrupt slump. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports from Venezuela

In 2022, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Venezuela stood at X kg, remaining relatively unchanged against 2021. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 200% against the previous year. As a result, the exports reached the peak of X kg. From 2014 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver expanded rapidly to $X in 2022. Over the period under review, exports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2020 when exports increased by 85% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports of remained at a lower figure.

Exports by Country

Panama (X kg) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Venezuela, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Panama was relatively modest.

In value terms, Panama ($X) also remains the key foreign market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exports from Venezuela.

From 2012 to 2022, the average annual growth rate of value to Panama totaled +17.0%.

Export Prices by Country

The average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per ton in 2022, increasing by 15% against the previous year. Overall, the export price saw resilient growth. The most prominent rate of growth was recorded in 2014 an increase of 267% against the previous year. The export price peaked in 2022 and is likely to continue growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Panama.

From 2012 to 2022, the rate of growth in terms of prices for Grenada amounted to +166.7% per year.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports into Venezuela

In 2022, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver into Venezuela reduced dramatically to X kg, waning by -18.2% on 2021. In general, imports saw a drastic downturn. The pace of growth was the most pronounced in 2015 when imports increased by 125%. As a result, imports reached the peak of X kg. From 2016 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver dropped to $X in 2022. Overall, imports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2014 when imports increased by 114% against the previous year. Over the period under review, imports of reached the maximum at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Germany (X kg) constituted the largest non-silver precious metal goldsmiths ware articles supplier to Venezuela, accounting for a 56% share of total imports. Moreover, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Germany exceeded the figures recorded by the second-largest supplier, the United States (X kg), fivefold. Italy (X kg) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (0.0% per year) and Italy (-27.5% per year).

In value terms, Germany ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Venezuela, comprising 85% of total imports. The second position in the ranking was taken by the United States ($X), with a 7.9% share of total imports. It was followed by Italy, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +12.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+31.9% per year) and Italy (-30.0% per year).

Import Prices by Country

In 2022, the average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, with an increase of 6.5% against the previous year. Over the period under review, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when the average import price increased by 73% against the previous year. As a result, import price attained the peak level of $X per kg. From 2015 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+1,092.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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