Turkey: Gold Market 2024

Gold Market Size in Turkey

In 2021, after two years of growth, there was significant decline in the Turkish gold market, when its value decreased by -81.6% to $X. Overall, consumption recorded a abrupt decrease. As a result, consumption reached the peak level of $X, and then shrank notably in the following year.

Gold Production in Turkey

In value terms, gold production declined to $X in 2021 estimated in export price. In general, production, however, recorded noticeable growth. The pace of growth appeared the most rapid in 2019 when the production volume increased by 54%. Gold production peaked at $X in 2020, and then reduced in the following year.

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Gold Exports

Exports from Turkey

In 2021, shipments abroad of gold increased by 21% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, faced a abrupt downturn. The pace of growth appeared the most rapid in 2015 with an increase of 147%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, gold exports skyrocketed to $X in 2021. In general, exports, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2015 when exports increased by 130% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for gold exports from Turkey, accounting for a 75% share of total exports. Moreover, gold exports to the United Arab Emirates exceeded the volume sent to the second major destination, the UK (X tons), sevenfold. The third position in this ranking was held by Switzerland (X tons), with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates totaled -9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-2.9% per year) and Switzerland (-20.2% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for gold exports from Turkey, comprising 75% of total exports. The second position in the ranking was held by the UK ($X), with a 12% share of total exports. It was followed by Switzerland, with a 4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates totaled -8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-2.1% per year) and Switzerland (-19.8% per year).

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, picking up by 3.1% against the previous year. Over the period under review, the export price recorded a slight expansion. The growth pace was the most rapid in 2020 an increase of 24%. The export price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were the UK ($X per kg) and Switzerland ($X per kg), while the average price for exports to the United Arab Emirates ($X per kg) and the United States ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mauritania (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Turkey

In 2021, approx. X tons of gold were imported into Turkey; reducing by -75.9% compared with the previous year's figure. Over the period under review, imports continue to indicate a pronounced descent. The pace of growth was the most pronounced in 2017 with an increase of 137% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then contracted remarkably in the following year.

In value terms, gold imports declined rapidly to $X in 2021. In general, imports saw a pronounced descent. The pace of growth appeared the most rapid in 2017 when imports increased by 157% against the previous year. Over the period under review, imports reached the maximum at $X in 2020, and then fell rapidly in the following year.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of gold to Turkey, accounting for a 40% share of total imports. Moreover, gold imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Iraq (X tons), threefold. Switzerland (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates stood at -2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Iraq (+28.4% per year) and Switzerland (-11.2% per year).

In value terms, the largest gold suppliers to Turkey were the United Arab Emirates ($X), Switzerland ($X) and Iraq ($X), with a combined 69% share of total imports. These countries were followed by Mauritania, South Africa, Peru, Belgium, the United States, Russia, Libya and Germany, which together accounted for a further 22%.

Mauritania, with a CAGR of +446.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average gold import price stood at $X per kg in 2021, declining by -9.5% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 29%. As a result, import price attained the peak level of $X per kg, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per kg), while the price for Peru ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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