Venezuela: Semi-Manufactured Gold Market 2025

Semi-Manufactured Gold Market Size in Venezuela

In 2022, after three years of decline, there was decline in the Venezuelan semi-manufactured gold market, when its value decreased by 0% to less than $X. Over the period under review, consumption continues to indicate a mild decrease. The growth pace was the most rapid in 2019 when the market value decreased by -1.8%. Semi-manufactured gold consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Semi-Manufactured Gold Production in Venezuela

In value terms, semi-manufactured gold production reduced remarkably to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a significant increase. The growth pace was the most rapid in 2021 with an increase of 13,222,516,000%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Semi-Manufactured Gold Exports

Exports from Venezuela

In 2019, approx. X tons of gold, in semi-manufactured forms were exported from Venezuela; dropping by -22.2% compared with the previous year's figure. In general, exports faced a sharp curtailment. Over the period under review, the exports hit record highs at X tons in 2018, and then fell remarkably in the following year.

In value terms, semi-manufactured gold exports dropped rapidly to $X in 2019. Overall, exports continue to indicate a sharp shrinkage. Over the period under review, the exports reached the maximum at $X in 2018, and then fell remarkably in the following year.

Exports by Country

Uganda (X tons) was the main destination for semi-manufactured gold exports from Venezuela, accounting for a 79% share of total exports. Moreover, semi-manufactured gold exports to Uganda exceeded the volume sent to the second major destination, Italy (X kg), sevenfold.

From 2018 to 2019, the average annual growth rate of volume to Uganda was relatively modest.

In value terms, Uganda ($X) emerged as the key foreign market for gold, in semi-manufactured forms exports from Venezuela, comprising 78% of total exports. The second position in the ranking was held by Italy ($X), with an 11% share of total exports.

From 2018 to 2019, the average annual rate of growth in terms of value to Uganda was relatively modest.

Export Prices by Country

The average semi-manufactured gold export price stood at $X per kg in 2019, with a decrease of -1.8% against the previous year. In general, the export price saw a mild contraction. Over the period under review, the average export prices attained the peak figure at $X per kg in 2018, and then reduced slightly in the following year.

Average prices varied noticeably for the major export markets. In 2019, amid the top suppliers, the country with the highest price was Italy ($X per kg), while the average price for exports to Uganda totaled $X per kg.

From 2018 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Uganda (0.0%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into Venezuela

In 2022, approx. X kg of gold, in semi-manufactured forms were imported into Venezuela; stabilizing at the year before. In general, imports faced a abrupt slump. The smallest decline of -85.7% was in 2013. Over the period under review, imports reached the maximum at X kg in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, semi-manufactured gold imports expanded slightly to $X in 2022. Overall, imports faced a sharp decline. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X kg) was the main semi-manufactured gold supplier to Venezuela, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to -17.7%.

In value terms, the United States ($X) constituted the largest supplier of gold, in semi-manufactured forms to Venezuela.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled -23.0%.

Import Prices by Country

In 2022, the average semi-manufactured gold import price amounted to $X per ton, increasing by 2% against the previous year. Overall, the import price, however, continues to indicate a deep setback. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to -6.4% per year.

Source: IndexBox Platform

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