Scandinavia: Gold Market 2024

Gold Market Size in Scandinavia

The Scandinavia gold market reduced rapidly to $X in 2021, with a decrease of -25.8% against the previous year. The total consumption indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +26.6% against 2019 indices. As a result, consumption reached the peak level of $X, and then contracted markedly in the following year.

Gold Production in Scandinavia

In value terms, gold production rose significantly to $X in 2021 estimated in export price. The total production indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +41.2% against 2017 indices. The most prominent rate of growth was recorded in 2020 with an increase of 35% against the previous year. The level of production peaked in 2021 and is expected to retain growth in the immediate term.

Gold Exports

Exports in Scandinavia

In 2021, gold exports in Scandinavia skyrocketed to X tons, with an increase of 43% against 2020 figures. Overall, exports showed a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, gold exports soared to $X in 2021. Over the period under review, exports saw a measured increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Finland (X tons) and Sweden (X tons) prevails in exports structure, together achieving 86% of total exports. Norway (X tons) ranks next in terms of the total exports with a 6.9% share, followed by Denmark (6.8%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Finland (with a CAGR of +25.3%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Finland ($X), Sweden ($X) and Norway ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 99% share of total exports.

Finland, with a CAGR of +31.6%, saw 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 a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per kg, rising by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2016 an increase of 26% against the previous year. Over the period under review, the export prices attained the maximum in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sweden ($X per kg), while Denmark ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+5.0%), while the other leaders experienced more modest paces of growth.

Gold Imports

Imports in Scandinavia

In 2021, after two years of growth, there was significant decline in supplies from abroad of gold, when their volume decreased by -61.3% to X tons. Over the period under review, imports showed a abrupt setback. The most prominent rate of growth was recorded in 2020 with an increase of 165% against the previous year. As a result, imports attained the peak of X tons, and then declined notably in the following year.

In value terms, gold imports stood at $X in 2021. Overall, imports, however, continue to indicate a temperate increase. The growth pace was the most rapid in 2020 with an increase of 99%. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

In 2021, Finland (X tons), Denmark (X tons) and Sweden (X tons) was the main importer of gold in Scandinavia, constituting 80% of total import. It was distantly followed by Norway (X kg), constituting a 17% share of total imports. Iceland (X kg) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Iceland (with a CAGR of +8.3%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Sweden ($X), Finland ($X) and Denmark ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 96% of total imports. These countries were followed by Norway and Iceland, which together accounted for a further 4.4%.

In terms of the main importing countries, Iceland, with a CAGR of +16.9%, saw 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

In 2021, the import price in Scandinavia amounted to $X per kg, rising by 171% against the previous year. In general, the import price showed prominent growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Sweden ($X per kg), while Iceland ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+21.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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