Which Country Exports the Most Silver in the World?
Basic Precious Metals May 28, 2018
In 2016, the global silver exports totaled 42K tonnes, falling by -5.3% against the previous year level. Overall, silver exports continue to indicate a mild reduction. The most prominent rate of growth was recorded in 2010, when export increased by 20% y-o-y. Over the period under review, global silver exports attained its maximum volume of 50K tonnes in 2011; however, from 2012 to 2016, it failed to regain its strength.
In value terms, silver exports amounted to $19B in 2016. Overall, silver exports continue to indicate a noticeable increase. In that year, global silver exports reached its maximum level of $42B. From 2012 to 2016, growth of global silver exports stood at a somewhat lower level.
Top Silver Exporting Countries in the World
1. Mexico (1.9 billion USD)
2. South Korea (1.7 billion USD)
3. Canada (1.6 billion USD)
4. China, Hong Kong SAR (1.5 billion USD)
5. Japan (1.4 billion USD)
6. Germany (1.3 billion USD)
7. USA (1.3 billion USD)
8. China (1.1 billion USD)
9. Switzerland (0.8 billion USD)
10. United Kingdom (0.7 billion USD)
11. Poland (0.7 billion USD)
12. Kazakhstan (0.6 billion USD)
Silver Exports By Country
In 2016, Japan (8.3K tonnes), distantly followed by South Korea (3.5K tonnes), Mexico (3.3K tonnes), Canada (3.2K tonnes), China, Hong Kong SAR (3K tonnes), Germany (2.7K tonnes), the U.S. (2.2K tonnes), and China (2K tonnes) represented the major exporters of silver, together making up 67% of total exports. The UK (1.7K tonnes), Switzerland (1.5K tonnes), Poland (1.3K tonnes), and Kazakhstan (1.2K tonnes) took the weak share of total exports.
From 2007 to 2016, average annual rates of growth with regard to silver exports from Japan stood at +1.5%. At the same time, South Korea (+10.0%), Canada (+6.7%), Kazakhstan (+5.3%), Switzerland (+3.6%), and Poland (+1.2%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest growing importer/exporter in the world, with a CAGR of +10.0% from 2007-2016. Mexico, and Germany experienced a relatively flat trend pattern. By contrast, the UK (-3.5%), the U.S. (-3.6%), China, Hong Kong SAR (-4.5%), and China (-9.3%) illustrated a downward trend over the same period. From 2007 to 2016, the share of China, China, Hong Kong SAR, the U.S., and the UK increased by 7%, 4%, 2%, and 2% percentage points, while Japan (-2.5%), Canada (-3.4%), and South Korea (-4.9%) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the largest silver markets worldwide were Mexico ($1.9B), South Korea ($1.7B) and Canada ($1.6B), with a combined 28% share of global exports.
South Korea (+13.9% per year) experienced the highest growth rate of silver exports, among the main exporting countries, over the last 9 year period, while the other global leaders experienced more modest paces of growth.
Silver Export Prices By Country
The average silver export price stood at $446 per kg in 2016, coming up by 5% against the previous year. Overall, silver export price continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2011, when it surged by 80% y-o-y. In that year, average silver export price attained its maximum level of $830 per kg. From 2012 to 2016, growth of average silver export price stood at a somewhat lower level.
Export prices varied noticeably by country of destination. the country with the highest export prices was the U.S. ($608 per kg), while Japan ($173 per kg) was among the lowest.
From 2007 to 2016, the most notable growth rate of silver export prices was attained by Japan (+10.0% per year), while the other global leaders experienced more modest paces of growth.
Do you want to know more about global silver market? Get the latest trends and insight from our report. It includes a wide range of statistics on
- silver market share
- silver prices
- silver industry
- silver sales
- silver import
- silver export
- silver market forecast
- silver price forecast
- key silver producers
All data provided in this article covers the following product: HS Code 7106 - Silver (including silver plated with gold or platinum); unwrought or in semi-manufactured forms, or in powder form.
