GOLD & SILVER PRODUCTS – EXPORT MARKETS & POTENTIAL EIP/STR/13/09/2016

(SECTORREPORT)

Export Initiatives & Partnerships Division,

Phone: +9714-4455333; Fax: +9714-4455355 E-mail: info@dedc.gov.ae; Web: www.dedc.gov.ae

PO Box 123336, Dubai – UAE

Primary Information Source: ITC Trade Map Prepared – September, 2016

Disclaimer: While all attempts have been made to collect & present accurate information, DE makes no warranty, express or implied, as to the fitness, appropriateness of the above information for a particular purpose, or assumes any legal liability for the accuracy or usefulness of any contained information. All 3rd. party information sourced are either through subscriptions of the organization or information freely available on the internet, with no claims to such information, as its own. 

                                                                                                           

TABLE OF CONTENTS

# Description Page

Executive Summary 3

1 Top Gold & Silver (HS 7106) Products Importing Countries 4

2 UAE’s Top Export Markets for Gold & Silver Products (HS 7106) 7

3 HS 7106 - Charts & Maps on Exports & Potential 8

4 Top Gold & Silver (HS 7108) Products Importing Countries 11

5 UAE’s Top Export Markets for Gold & Silver Products (HS 7108) 14

6 HS 7108 - Charts & Maps on Exports & Potential 15

                                                                                                           

Executive Summary

Globally, the biggest importers of products from the HS Section 71 (Natural or cultured pearls, precious or semi-precious stones, precious metals…) are Switzerland, Hong Kong, India, USA and UAE, though the first two countries are net exporters, with India, UAE and KSA being the largest net importers. It is mainly HS 7101 Pearls, natural or cultured, whether or not worked or graded, HS 7102 Diamonds, whether or not worked, but not mounted or set, HS 7103 Precious stones and semi-precious stones, whether or not worked or graded, HS 7106 Silver, incl. silver plated with gold or platinum, unwrought or in semi-manufactured, HS 7108 Gold, incl. gold plated with platinum, unwrought or not further worked, HS 7116 Articles of natural or cultured pearls, precious or semi-precious stones, where UAE has a significant positive trade balance. In this Report, we shall look at global demand of Gold & Silver items in HS 7106 & 7108 and UAE role in distributing this product globally. HS 7106 Silver, incl. silver plated with gold or platinum, unwrought or in semi-manufactured… As per 2015 ITC data, being a high value product, nearly USD 20 Brillion worth of these products were imported globally. Largest importers of this product were India (22%), USA (20%), UK (11%), Canada 5.3% & Germany 4.6%. UAE’s exports (in 2015) at @ USD nearly 176 Million comprised mainly of exports to Nepal (62%), KSA (19%), India (12.6%), followed by lesser amounts to Turkey Pakistan and other GCC countries. New market potential is seen in UK, Singapore, and Thailand with increased export potential to the EU. HS 7108 Gold, incl. gold plated with platinum, unwrought or not further worked.. Globally, in 2015, the import value for this product was USD 238 Billion. The main importers were Switzerland (@30%), Hong Kong (15.2%), India (@15%) and UK (@8%). UAE’s exports touched nearly 13.1 Billion (net exports nearly USD 520 Million) in 2015 with 29% exported to India, Switzerland (22.5%), KSA (13.5%), Turkey (11.4%) and Malaysia (7%) with smaller values to other GCC countries, Hong Kong, Singapore etc. There is scope of market diversification to UK, USA, Thailand, apart from expansion in Switzerland, Hong Kong and India who are the largest importers of this product. The next few pages aims at giving statistical information on the global imports and UAE exports of these two products and we hope it will be useful to DE Members. It should be noted that none of the products in this report constitute “jewelry items”.

Sources: ITC calculations based on UN COMTRADE statistics.

Imported value 2015 (USD '000)

Trade balance 2015 (USD '000)

Annual value growth 2011-15 (%, p.a.)

World 19,245,996 (477,857) (17)India 4,262,099 (4,257,267) 3United States of America 3,886,943 (2,612,416) (18)United Kingdom 2,131,747 (207,047) (27)Canada 1,037,411 458,816 (22)Germany 876,585 421,598 (18)Japan 856,971 224,349 (21)China 773,543 320,655 (7)Taipei, Chinese 657,810 (437,386) (27)Thailand 559,957 (529,183) (13)Hong Kong, China 505,741 781,742 (24)Italy 435,665 (128,087) (6)

Switzerland 377,513 746,020 26Singapore 355,126 (211,647) 12Korea, Republic of 321,898 1,066,604 (14)Australia 312,784 (136,123) (21)

France 287,766 (198,329) (17)Austria 205,333 (168,036) (30)Nepal 197,712 (197,712) 37Turkey 161,538 (100,609) (2)

Belgium 129,221 (124,962) (17)United Arab Emirates 118,351 57,528 (23)Brazil 99,345 (80,430) (20)Mexico 81,501 1,804,247 (4)Netherlands 78,673 (14,761) (33)Spain 69,547 40,842 (8)Saudi Arabia 55,140 (54,550) 55

Israel 36,599 (32,609) (3)Czech Republic 32,147 (2,410) (15)Malaysia 30,449 (29,661) (25)Dominican Republic 29,100 (16,298) (3)

Sweden 20,332 246,365 (26)Norway 18,587 4,775 (22)Poland 16,865 712,664 (22)Slovakia 16,356 2,533 (1)Viet Nam 16,155 (15,401) (25)Denmark 15,179 (9,408) (5)Hungary 14,945 (6,942) (7)Ireland 13,952 (13,786) 38Indonesia 13,839 71,606 (11)Portugal 12,247 (5,439) (23)

HS 7106 Silver, incl. silver plated with gold or platinum, unwrought or semi-manufactured -Top Importers

Top Importing Countries

Trade Indicators

Sources: ITC calculations based on UN COMTRADE statistics.

Imported value 2015 (USD '000)

Trade balance 2015 (USD '000)

Annual value growth 2011-15 (%, p.a.)

HS 7106 Silver, incl. silver plated with gold or platinum, unwrought or semi-manufactured -Top Importers

Top Importing Countries

Trade Indicators

New Zealand 11,683 128,817 (26)Qatar 9,911 (9,901) 103Finland 6,731 (5,933) (29)Slovenia 6,699 690 (29)Chile 6,590 134,997 1South Africa 6,506 13,167 11Libya, State of 6,126 (2,123)El Salvador 4,804 (4,699) (11)Lithuania 4,392 (4,147) (12)Egypt 4,344 (4,344) 3Pakistan 4,179 (4,179) (42)Greece 3,660 (877) (24)Costa Rica 3,610 (3,513) (15)Argentina 3,296 229,848 (9)Russian Federation 3,020 443,055Latvia 2,660 (575) 23Tunisia 2,048 (2,039) 0Macedonia 1,763 (1,763) (21)Bolivia, Plurinational State of 1,742 97,652 (13)Colombia 1,689 222 (19)

Jordan 1,639 (1,500) 36Cayman Islands 1,631 (1,589) 45Lebanon 1,603 1,167 0Mauritius 1,401 (1,395) (15)Estonia 1,317 (971) (27)Ukraine 1,272 (1,111) (19)Croatia 1,177 (498) (15)Oman 1,167 (1,133) (4)

Bahrain 1,155 (1,155) (8)Kazakhstan 1,082 481,425 (22)Peru 990 258,203 (3)Kuwait 886 (884) (38)Luxembourg 864 (279) (32)Bulgaria 798 18,388 (15)Panama 769 (744) (23)Algeria 709 (709) (41)Sri Lanka 663 (663) (22)Morocco 625 103,357 (32)Nigeria 607 (559) (10)Bangladesh 485 (485) 94Ecuador 484 408 (8)Mali 480 (455) 111

Sources: ITC calculations based on UN COMTRADE statistics.

Imported value 2015 (USD '000)

Trade balance 2015 (USD '000)

Annual value growth 2011-15 (%, p.a.)

HS 7106 Silver, incl. silver plated with gold or platinum, unwrought or semi-manufactured -Top Importers

Top Importing Countries

Trade Indicators

Iran, Islamic Republic of 453 (452) (18)Bosnia and Herzegovina 447 (447) (21)Cuba 401 (401) 38Azerbaijan 395 (395) 474Armenia 391 (377) 43Korea, Democratic People's Republic of 389 57,005Malta 274 (264) 38Serbia 269 1,430 11Honduras 259 1,110 (5)Philippines 257 12,583 (63)Trinidad and Tobago 244 (244) 17Cyprus 212 (145) (29)Guatemala 178 (173) (43)Iceland 174 (174) (11)Free Zones 168 95 (30)Iraq 159 54 105Uruguay 146 (146) (16)Aruba 132 (132) (16)Sudan (North + South) 113 (113) (17)Ghana 110 (110) 98Lao People's Democratic Republic 98 (98) 66Faroe Islands 83 (83) 34Nicaragua 81 14,274 24Venezuela, Bolivarian Republic of 63 (63) (20)New Caledonia 52 (52) (9)

Myanmar 48 (44) 16

Sources: ITC calculations based on UN COMTRADE statistics.

Exported value 2015 (USD '000)

Trade balance 2015 (USD thousand)

Share in United Arab Emirates's

exports (%)

Exported growth in value between 2011-

2015 (%, p.a.)

Total 175,879 57,528 100 (18)

Nepal 108,704 108,704 61.8 34Saudi Arabia 33,653 33,653 19.1 39India 22,119 20,347 12.6 (36)Turkey 2,691 (485) 1.5 (60)Pakistan 2,359 2,359 1.3 (43)Qatar 2,219 2,219 1.3 138Oman 1,160 1,126 0.7 (4)Bahrain 1,103 1,103 0.6 (2)Italy 485 317 0.3 65Jordan 418 418 0.2 237Kuwait 357 357 0.2 (47)Poland 190 180 0.1Taipei, Chinese 86 (25) 0.0Singapore 78 78 0.0 (53)Switzerland 70 (80,673) 0.0Armenia 60 46 0.0Germany 54 (259) 0 (54)United Kingdom 26 (2,827) 0 (63)Thailand 11 3 0Mauritius 5 5 0 (46)Malaysia 3 3 0 (86)Norway 1 1 0Philippines 1 1 0

Product label

Trade Indicators

UAE's Exports to World - HS 7106 Silver, incl. silver plated with gold or platinum, unwrought or semi-manufactured

                                                                                                                                                                                                  

 

                                                                                                                                                                                                  

   

                                                                                                                                                                                                  

 

Sources: ITC calculations based on UN COMTRADE statistics.

Imported value 2015 (USD '000)

Trade balance 2015 (USD '000)

Annual value growth 2011-15 (%, p.a.)

World 238,056,502 58,042,962 5Switzerland 70,738,420 1,708,191 177Hong Kong, China 36,212,640 8,793,039 9India 34,999,549 (29,687,871) (13)United Kingdom 18,708,764 19,828,409 76United Arab Emirates 12,619,093 518,305 44United States of America 10,813,946 8,487,173 (8)Thailand 7,204,129 (3,466,431) (19)Canada 6,532,825 5,887,710 (10)Saudi Arabia 5,085,159 (4,779,916) 32Germany 4,509,760 119,439 (11)Italy 4,027,491 (1,093,012) (13)

Turkey 3,425,893 3,955,242 (12)Australia 2,913,777 7,789,151 (19)Malaysia 2,848,338 (2,713,978) 4Austria 2,173,715 (1,684,661) (11)

Singapore 2,051,008 (945,617) 0Taipei, Chinese 1,657,776 (373,075) (10)Korea, Republic of 1,230,023 (311,943) (6)Belgium 909,438 272,605 (12)

Cambodia 891,172 (885,151) 151Jordan 866,990 (865,433) 150Netherlands 865,447 24,400 (22)Indonesia 703,817 673,571 51Kuwait 657,169 (653,344) 20France 545,300 333,385 (5)Iran, Islamic Republic of 511,891 (511,891) 14

Oman 414,159 (410,922) 53Bahrain 312,163 (311,954) 875Ghana 303,655 4,026,995 166Japan 286,286 4,621,463 (12)

Qatar 255,642 (255,642) 1Philippines 217,279 197,195 (3)Czech Republic 206,302 (47,365) 1Lebanon 206,254 (156,842) 2Mexico 195,896 4,119,903 (7)Russian Federation 193,909 1,312,567Lao People's Democratic Republic 162,600 (152,394) 281Spain 154,950 1,065,745 (7)Nepal 140,657 (140,657) (14)Dominican Republic 106,112 1,164,223 1

HS 7108 Gold, incl. gold plated with platinum, unwrought or not further worked - Top Importers

Top Importing Countries

Trade Indicators

Sources: ITC calculations based on UN COMTRADE statistics.

Imported value 2015 (USD '000)

Trade balance 2015 (USD '000)

Annual value growth 2011-15 (%, p.a.)

HS 7108 Gold, incl. gold plated with platinum, unwrought or not further worked - Top Importers

Top Importing Countries

Trade Indicators

Egypt 103,563 447,426 243Cayman Islands 87,279 (8,608) 695Viet Nam 84,950 (69,503) (28)Luxembourg 64,378 2,660 (48)Poland 60,258 155,522 (12)Estonia 51,018 (8,268) (12)Sri Lanka 41,438 (41,432) (55)Bolivia, Plurinational State of 40,651 684,686 16Sweden 40,192 557,799 (10)Panama 39,181 937 21Portugal 38,740 153,202 (16)Iraq 38,599 174,365 651Tajikistan 37,691 102,613Slovenia 36,646 (16,452) (29)Slovakia 31,807 59,912 (28)Pakistan 25,820 (25,820) (42)Hungary 25,595 11,630 (28)Finland 24,718 176,116 (3)Myanmar 23,691 (23,691)Macao, China 23,509 (23,509)

Armenia 23,269 75,600 (16)British Virgin Islands 22,421 (20,654)Mauritius 21,394 (18,796) 4Ireland 20,171 (7,891) 12Kyrgyzstan 17,356 648,005 155New Zealand 16,744 312,088 (15)Costa Rica 16,145 2,459 15Malta 15,644 (15,059) (27)

Bulgaria 13,786 5,563 15Denmark 12,464 (281) (11)Tunisia 12,270 (10,936) 53Latvia 10,602 21,015 (12)Ukraine 9,730 (1,874) (46)Morocco 8,061 87,053 123Croatia 6,577 24,607 164Greece 6,461 22,556 (22)Kazakhstan 6,354 178,204 87Lithuania 5,290 (3,196) (9)Israel 4,962 40,080 (16)Andorra 3,773 (759) 98Norway 3,234 118,193 (42)Brazil 3,076 2,321,276 (3)

Sources: ITC calculations based on UN COMTRADE statistics.

Imported value 2015 (USD '000)

Trade balance 2015 (USD '000)

Annual value growth 2011-15 (%, p.a.)

HS 7108 Gold, incl. gold plated with platinum, unwrought or not further worked - Top Importers

Top Importing Countries

Trade Indicators

Brunei Darussalam 2,355 (2,355) (12)Netherlands Antilles 1,989 553,740 22Azerbaijan 1,954 99,482 436South Africa 1,926 2,003,338 64Free Zones 1,743 3,628 (3)Cyprus 1,364 7,981 22Senegal 804 222,650 (24)Libya, State of 788 53,660Guatemala 721 (721) (31)Bangladesh 544 (544) 81Bahamas 527 (527) 3Trinidad and Tobago 499 (495) 51Suriname 291 519,238Chile 289 796,115 105New Caledonia 259 (202) (1)Serbia 256 9,567 8Chad 138 (53) (21)Iceland 136 (90) (9)Argentina 124 2,274,305 1Seychelles 116 (116) (1)Venezuela, Bolivarian Republic of 113 928,826 40Macedonia, The Former Yugoslav Republic of 80 (39) 46French Polynesia 69 (64) 2Côte d'Ivoire 64 475,047 12

Sources: ITC calculations based on UN COMTRADE statistics.

Exported value 2015 (USD '000)

Trade balance 2015 (USD thousand)

Share in United Arab Emirates's

exports (%)

Exported growth in value between 2011-2015 (%,

p.a.)

Total 13,137,398 518,305 100 (10)

India 3,785,199 (1,497,100) 28.8 (25)Switzerland 2,953,925 1,016,845 22.5 1,539Saudi Arabia 1,774,106 1,648,431 13.5 49Turkey 1,499,290 642,043 11.4 3Malaysia 907,198 898,122 6.9 (3)Kuwait 570,330 566,505 4.3 20Oman 408,179 404,952 3.1 54Hong Kong, China 370,943 (266,756) 2.8 19Bahrain 290,496 290,287 2.2Jordan 215,246 215,246 1.6Singapore 128,644 123,050 1.0 (15)Nepal 121,988 121,988 0.9 (16)Qatar 30,053 30,053 0.2 19Italy 26,851 17,476 0.2 55Sri Lanka 19,761 19,755 0.2 (34)Pakistan 9,922 9,922 0.1 (53)United Kingdom 8,508 (1,358,029) 0.1 (7)Thailand 7,762 7,762 0.1 (65)Armenia 3,235 1,325 0 40United States of America 1,912 (674,097) 0 (30)Australia 1,568 (27,037) 0 282Indonesia 878 878 0Germany 398 (28,794) 0 (44)Spain 361 (659) 0 (44)Korea, Republic of 327 327 0 (48)Sweden 141 (3,297) 0 (19)Belgium 75 (109,491) 0Canada 43 (137,766) 0 (73)Denmark 19 (5,970) 0 (29)Finland 14 14 0Netherlands 14 (4,030) 0Austria 8 (5) 0 (53)Norway 2 2 0 (32)

Product label

Trade Indicators

UAE's Exports to World - HS 7108 Gold, incl. gold plated with platinum, unwrought or not further worked