Estonia: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in Estonia

In 2022, the Estonian semi-manufactured gold market increased by 5.5% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption, however, recorded a pronounced shrinkage. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Semi-Manufactured Gold Production in Estonia

In value terms, semi-manufactured gold production totaled $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 2.9% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Semi-Manufactured Gold Exports

Exports from Estonia

In 2022, shipments abroad of gold, in semi-manufactured forms decreased by -79.4% to X kg, falling for the second consecutive year after three years of growth. In general, exports showed a sharp reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 266% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, semi-manufactured gold exports contracted rapidly to $X in 2022. Overall, exports recorded a dramatic contraction. The most prominent rate of growth was recorded in 2016 with an increase of 253%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Finland (X kg) was the main destination for semi-manufactured gold exports from Estonia, with a 86% share of total exports. Moreover, semi-manufactured gold exports to Finland exceeded the volume sent to the second major destination, Latvia (X kg), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Finland stood at +2.3%.

In value terms, Finland ($X) emerged as the key foreign market for gold, in semi-manufactured forms exports from Estonia, comprising 99% of total exports. The second position in the ranking was taken by Latvia ($X), with a 1.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Finland stood at -11.6%.

Export Prices by Country

In 2022, the average semi-manufactured gold export price amounted to $X per kg, shrinking by -32.1% against the previous year. In general, the export price saw a abrupt slump. The pace of growth was the most pronounced in 2015 an increase of 44% against the previous year. As a result, the export price reached the peak level of $X per kg. From 2016 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per kg), while the average price for exports to Latvia amounted to $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+12.8%), while the prices for the other major destinations experienced a decline.

Semi-Manufactured Gold Imports

Imports into Estonia

Semi-manufactured gold imports into Estonia rose markedly to X kg in 2022, growing by 15% against 2021. Overall, imports, however, faced a sharp curtailment. The growth pace was the most rapid in 2016 when imports increased by 674% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, semi-manufactured gold imports expanded notably to $X in 2022. Over the period under review, imports, however, continue to indicate a sharp downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 1,013% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Finland (X kg) constituted the largest semi-manufactured gold supplier to Estonia, with a 48% share of total imports. Moreover, semi-manufactured gold imports from Finland exceeded the figures recorded by the second-largest supplier, Switzerland (X kg), twofold. The United States (X kg) ranked third in terms of total imports with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Finland amounted to +15.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+17.5% per year) and the United States (-7.4% per year).

In value terms, the largest semi-manufactured gold suppliers to Estonia were Finland ($X), Switzerland ($X) and Italy ($X), together comprising 93% of total imports. Israel, Sweden, the United States, France, the UK and South Korea lagged somewhat behind, together comprising a further 7.2%.

Among the main suppliers, France, with a CAGR of +49.6%, recorded 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 2022, the average semi-manufactured gold import price amounted to $X per kg, standing approx. at the previous year. In general, the import price recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2015 an increase of 53%. The import price peaked at $X per kg in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per kg), while the price for South Korea ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+49.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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