Middle East: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in the Middle East

The Middle Eastern semi-manufactured gold market dropped rapidly to $X in 2022, waning by -28.1% against the previous year. Over the period under review, consumption, however, enjoyed a buoyant increase. The level of consumption peaked at $X in 2021, and then contracted significantly in the following year.

Semi-Manufactured Gold Production in the Middle East

In value terms, semi-manufactured gold production fell slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a deep setback. The pace of growth was the most pronounced in 2020 with an increase of 19% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Semi-Manufactured Gold Exports

Exports in the Middle East

Semi-manufactured gold exports dropped rapidly to X tons in 2022, which is down by -34% compared with the previous year's figure. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 202% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, semi-manufactured gold exports contracted dramatically to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 232% against the previous year. As a result, the exports attained the peak of $X, and then shrank significantly in the following year.

Exports by Country

The United Arab Emirates dominates exports structure, recording X tons, which was approx. 95% of total exports in 2022. It was distantly followed by Iran (X tons), making up a 4.7% share of total exports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of gold, in semi-manufactured forms. At the same time, Iran (+10.4%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +10.4% from 2012-2022. From 2012 to 2022, the share of Iran increased by +3 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest semi-manufactured gold supplier in the Middle East, comprising 97% of total exports. The second position in the ranking was taken by Iran ($X), with a 2.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates was relatively modest.

Export Prices by Country

The export price in the Middle East stood at $X per kg in 2022, dropping by -1.5% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 17%. Over the period under review, the export prices attained the peak figure at $X per kg in 2021, and then fell slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per kg), while Iran stood at $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.7%).

Semi-Manufactured Gold Imports

Imports in the Middle East

In 2022, approx. X tons of gold, in semi-manufactured forms were imported in the Middle East; waning by -31% against the year before. Overall, imports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2013 with an increase of 473% against the previous year. The volume of import peaked at X tons in 2021, and then contracted rapidly in the following year.

In value terms, semi-manufactured gold imports contracted to $X in 2022. Over the period under review, imports, however, posted resilient growth. The pace of growth appeared the most rapid in 2013 when imports increased by 733% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates dominates imports structure, amounting to X tons, which was approx. 94% of total imports in 2022. It was distantly followed by Jordan (X tons), achieving a 5.1% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to semi-manufactured gold imports into the United Arab Emirates stood at +16.6%. At the same time, Jordan (+66.9%) displayed positive paces of growth. Moreover, Jordan emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +66.9% from 2012-2022. While the share of Jordan (+5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United Arab Emirates (-1.7 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported gold, in semi-manufactured forms in the Middle East, comprising 90% of total imports. The second position in the ranking was held by Jordan ($X), with an 8.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +18.0%.

Import Prices by Country

The import price in the Middle East stood at $X per kg in 2022, growing by 31% against the previous year. Overall, the import price enjoyed mild growth. The pace of growth was the most pronounced in 2013 an increase of 45%. Over the period under review, import prices attained the maximum at $X per kg in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Jordan ($X per kg), while the United Arab Emirates amounted to $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+2.3%).

Source: IndexBox Platform

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