Ireland: Gold Market 2024

Gold Market Size in Ireland

After two years of growth, the Irish gold market decreased by -82.9% to $X in 2021. Overall, consumption, however, enjoyed a significant expansion. Over the period under review, the market attained the maximum level at $X in 2020, and then plummeted in the following year.

Gold Production in Ireland

In value terms, gold production rose to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a noticeable descent. The growth pace was the most rapid in 2019 with an increase of 17%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

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Gold Exports

Exports from Ireland

Gold exports from Ireland soared to X tons in 2021, growing by 211% compared with the previous year. In general, exports posted a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, gold exports surged to $X in 2021. Overall, exports, however, continue to indicate a noticeable shrinkage. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X kg) was the main destination for gold exports from Ireland, accounting for a 46% share of total exports. Moreover, gold exports to the United States exceeded the volume sent to the second major destination, the UK (X kg), twofold. The third position in this ranking was held by Switzerland (X kg), with a 19% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +86.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+106.7% per year) and Switzerland (-0.2% per year).

In value terms, the United States ($X) emerged as the key foreign market for gold exports from Ireland, comprising 66% of total exports. The second position in the ranking was taken by Germany ($X), with an 18% share of total exports. It was followed by Switzerland, with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +31.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-15.1% per year) and Switzerland (-13.2% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, dropping by -38.2% against the previous year. Over the period under review, the export price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2019 an increase of 386% against the previous year. The export price peaked at $X per kg in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per kg), while the average price for exports to the UK ($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 Switzerland (-13.0%), while the prices for the other major destinations experienced a decline.

Gold Imports

Imports into Ireland

In 2021, after two years of growth, there was significant decline in overseas purchases of gold, when their volume decreased by -80.2% to X tons. Overall, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 1,064% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then reduced rapidly in the following year.

In value terms, gold imports declined notably to $X in 2021. Over the period under review, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 117%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X tons), the United States (X tons) and the UK (X tons) were the main suppliers of gold imports to Ireland, together comprising 80% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +82.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of gold to Ireland, comprising 46% of total imports. The second position in the ranking was held by Switzerland ($X), with a 20% share of total imports. It was followed by Germany, with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +47.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+24.9% per year) and Germany (+3.6% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, rising by 323% against the previous year. Overall, the import price, however, continues to indicate a abrupt downturn. The import price peaked at $X per kg in 2018; however, from 2019 to 2021, 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 the United States ($X per kg), while the price for Germany ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (-14.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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