Poland: Gold Market 2024

Gold Market Size in Poland

The Polish gold market fell markedly to $X in 2021, waning by -46.3% against the previous year. In general, consumption, however, saw significant growth. Over the period under review, the market reached the maximum level at $X in 2020, and then shrank rapidly in the following year.

Gold Production in Poland

In value terms, gold production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, showed a mild increase. The pace of growth appeared the most rapid in 2016 with an increase of 808%. Gold production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

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Gold Exports

Exports from Poland

In 2021, the amount of gold exported from Poland reduced remarkably to X tons, waning by -39.2% against 2020 figures. Over the period under review, exports faced a deep downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 61% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, gold exports fell dramatically to $X in 2021. In general, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2016 when exports increased by 43% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Switzerland (X kg) was the main destination for gold exports from Poland, with a 41% share of total exports. Moreover, gold exports to Switzerland exceeded the volume sent to the second major destination, Germany (X kg), threefold. Bulgaria (X kg) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Switzerland amounted to +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-19.1% per year) and Bulgaria (+1,506.2% per year).

In value terms, Switzerland ($X) remains the key foreign market for gold exports from Poland, comprising 44% of total exports. The second position in the ranking was taken by Germany ($X), with a 13% share of total exports. It was followed by Bulgaria, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to Switzerland amounted to +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-19.6% per year) and Bulgaria (+4,194.7% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, growing by 16% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 42% against the previous year. Over the period under review, the average export prices reached the maximum at $X per kg in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Lithuania ($X per kg), while the average price for exports to Italy ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (+194.6%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Poland

In 2021, purchases abroad of gold increased by 99% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports recorded a strong expansion. The growth pace was the most rapid in 2017 with an increase of 122%. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, gold imports surged to $X in 2021. Overall, imports recorded a resilient expansion. The pace of growth was the most pronounced in 2017 when imports increased by 140% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

Imports by Country

Germany (X tons), Switzerland (X tons) and Austria (X tons) were the main suppliers of gold imports to Poland, with a combined 77% share of total imports. Estonia, the United States, Belgium, Turkey, the UK and the Netherlands lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Estonia (with a CAGR of +211.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Switzerland ($X) and Austria ($X) constituted the largest gold suppliers to Poland, with a combined 79% share of total imports. These countries were followed by Estonia, Turkey, Belgium, the United States, the UK and the Netherlands, which together accounted for a further 17%.

Estonia, with a CAGR of +215.1%, saw the highest growth rate of 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

In 2021, the average gold import price amounted to $X per kg, with an increase of 2.1% against the previous year. Over the period under review, import price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold import price increased by +74.2% against 2015 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 26% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+29.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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