Silver Market in Saudi Arabia
Market Overview
In 
, the Saudi silver market decreased by -% to $ for the first time since 2017, thus ending a three-year rising trend. In general, consumption, however, saw a mild expansion. Over the period under review, the market attained the peak level at $ in 2015; however, from 2016 to , consumption failed to regain momentum.
, the Saudi silver market decreased by -% to $ for the first time since 2017, thus ending a three-year rising trend. In general, consumption, however, saw a mild expansion. Over the period under review, the market attained the peak level at $ in 2015; however, from 2016 to , consumption failed to regain momentum.Consumption
Silver consumption in Saudi Arabia totaled tons in , standing approx. at the previous year's figure. In general, consumption saw a relatively flat trend pattern. Silver consumption peaked at tons in ; however, from to , consumption remained at a lower figure.
The size of the silver market in Saudi Arabia expanded to $ in , picking up by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a mild increase. Silver consumption peaked at $ in 2015; however, from 2016 to , consumption remained at a lower figure.
tons in , standing approx. at the previous year's figure. In general, consumption saw a relatively flat trend pattern. Silver consumption peaked at tons in ; however, from to , consumption remained at a lower figure.The size of the silver market in Saudi Arabia expanded to $
in , picking up by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a mild increase. Silver consumption peaked at $ in 2015; however, from 2016 to , consumption remained at a lower figure.Market Forecast
Driven by increasing demand for silver including silver plated with gold or platinum in Saudi Arabia, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .
In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .
% for the period from to , which is projected to bring the market volume to tons by the end of .In value terms, the market is forecast to increase with an anticipated CAGR of +
% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .Market Structure
Silver market in Saudi Arabia consists almost entirely of imported products. In recent years, import price have increased sharply. Despite the hike in price, Saudi Arabia relies completely on foreign supplies: the volume of domestic output remains insufficient to satiate market demand.
Trade Balance
Saudi Arabia remains a net importer of silver; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
. In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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