Australia: Silver Market 2024

Silver Market Size in Australia

In 2023, after five years of growth, there was significant decline in the Australian silver market, when its value decreased by X% to $X. In general, consumption showed a relatively flat trend pattern. Silver consumption peaked at $X in 2022, and then shrank sharply in the following year.

Silver Production in Australia

In value terms, silver production skyrocketed to $X in 2023 estimated in export price. Over the period under review, production, however, recorded a abrupt decline. The growth pace was the most rapid in 2017 when the production volume increased by X% against the previous year. Silver production peaked at $X in 2013; however, from 2014 to 2023, production failed to regain momentum.

Silver Exports

Exports from Australia

In 2023, the amount of silver including silver plated with gold or platinum exported from Australia skyrocketed to X tons, growing by X% on the year before. In general, exports, however, saw a pronounced curtailment. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

In value terms, silver exports skyrocketed to $X in 2023. Over the period under review, exports, however, showed a noticeable shrinkage. The growth pace was the most rapid in 2017 when exports increased by X%. The exports peaked at $X in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X tons) was the main destination for silver exports from Australia, with a X% share of total exports. Moreover, silver exports to the UK exceeded the volume sent to the second major destination, the United States (X tons), twofold. Switzerland (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the UK stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Switzerland (X% per year).

In value terms, the UK ($X) emerged as the key foreign market for silver including silver plated with gold or platinum exports from Australia, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Switzerland, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to the UK amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Switzerland (X% per year).

Export Prices by Country

The average silver export price stood at $X per ton in 2023, surging by X% against the previous year. In general, the export price, however, showed a mild curtailment. The most prominent rate of growth was recorded in 2021 an increase of X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X,321 per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Italy (X%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Imports

Imports into Australia

In 2023, imports of silver including silver plated with gold or platinum into Australia reduced notably to X tons, waning by X% on 2022. Over the period under review, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of X tons. From 2021 to 2023, the growth of imports remained at a lower figure.

In value terms, silver imports reduced sharply to $X in 2023. Overall, imports, however, posted a pronounced increase. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Imports peaked at $X in 2022, and then shrank sharply in the following year.

Imports by Country

Hong Kong SAR (X tons), South Korea (X tons) and Poland (X tons) were the main suppliers of silver imports to Australia, together comprising X% of total imports.

From 2012 to 2023, the biggest increases were recorded for Poland (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest silver suppliers to Australia were South Korea ($X), Hong Kong SAR ($X) and Poland ($X), together comprising X% of total imports.

Among the main suppliers, Poland, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The average silver import price stood at $X per ton in 2023, with an increase of X% against the previous year. Over the period under review, the import price, however, recorded a pronounced descent. The most prominent rate of growth was recorded in 2020 when the average import price increased by X% against the previous year. The import price peaked at $X,250 per ton in 2013; however, from 2014 to 2023, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were China ($X per ton) and South Korea ($X per ton), while the price for Papua New Guinea ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform