MERCOSUR: Gold Market 2024

Gold Market Size in MERCOSUR

The MERCOSUR gold market declined rapidly to $X in 2021, with a decrease of -21.4% against the previous year. In general, consumption recorded a perceptible reduction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Gold Production in MERCOSUR

In value terms, gold production amounted to $X in 2021 estimated in export price. Over the period under review, production showed a pronounced curtailment. The pace of growth was the most pronounced in 2019 with an increase of 12%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Gold Exports

Exports in MERCOSUR

In 2021, shipments abroad of gold increased by 3.1% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 31%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, gold exports surged to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Peru was the major exporting country with an export of around X tons, which reached 51% of total exports. Argentina (X tons) ranks second in terms of the total exports with a 16% share, followed by Brazil (14%) and Colombia (10%). Suriname (X tons), Chile (X tons) and Guyana (X tons) took a minor share of total exports.

Exports from Peru increased at an average annual rate of +2.4% from 2012 to 2021. At the same time, Brazil (+8.1%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of +8.1% from 2012-2021. Guyana, Colombia and Suriname experienced a relatively flat trend pattern. By contrast, Argentina (-7.1%) and Chile (-7.8%) illustrated a downward trend over the same period. While the share of Peru (+8.7 p.p.), Brazil (+6.8 p.p.), Suriname (+2.6 p.p.) and Guyana (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Chile (-2.3 p.p.) and Argentina (-16.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest gold supplying countries in MERCOSUR were Peru ($X), Brazil ($X) and Colombia ($X), together comprising 81% of total exports.

Brazil, with a CAGR of +7.9%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in MERCOSUR stood at $X per kg in 2021, increasing by 13% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the export price increased by 26%. The level of export peaked at $X per kg in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Chile ($X per kg), while Argentina ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guyana (+2.2%), while the other leaders experienced mixed trends in the export price figures.

Gold Imports

Imports in MERCOSUR

In 2021, the amount of gold imported in MERCOSUR surged to X kg, increasing by 46% against 2020. Overall, imports, however, saw a dramatic curtailment. The pace of growth appeared the most rapid in 2016 when imports increased by 55%. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, gold imports soared to $X in 2021. Over the period under review, imports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2018 with an increase of 66% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Brazil (X kg) and Uruguay (X kg) represented roughly 70% of total imports in 2021. Peru (X kg) took the next position in the ranking, followed by Colombia (X kg) and Chile (X kg). All these countries together held near 26% share of total imports. Argentina (X kg) took a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Chile (with a CAGR of +43.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Brazil ($X) constitutes the largest market for imported gold in MERCOSUR, comprising 45% of total imports. The second position in the ranking was taken by Peru ($X), with a 20% share of total imports. It was followed by Argentina, with an 18% share.

In Brazil, gold imports expanded at an average annual rate of +2.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Peru (-11.8% per year) and Argentina (+44.7% per year).

Import Prices by Country

The import price in MERCOSUR stood at $X per kg in 2021, which is down by -12.7% against the previous year. In general, the import price, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2018 when the import price increased by 243% against the previous year. Over the period under review, import prices hit record highs at $X per kg in 2020, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Argentina ($X per kg), while Colombia ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+20.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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