Which Country Imports the Most Silver in the World?

Basic Precious Metals May 28, 2018
Author: Sergey Avramenko
Head of Global Markets Research Team

Which Country Imports the Most Silver in the World?

IndexBox has just published a new report "World: Silver Including Silver Plated With Gold Or Platinum - Market Report. Analysis and Forecast to 2025". Here is a summary of the report's key findings.

In 2016, approx. 72K tonnes of silver were imported worldwide- coming down by -5.6% against the previous year figure. In general, silver imports continue to indicate a moderate decline. The pace of growth appeared the most rapid in 2015, an increase of 5% year-to-year. Over the period under review, global silver imports reached its maximum volume of 92K tonnes in 2008- however, from 2009 to 2016, it stood at a somewhat lower level.

In value terms, silver imports stood at $17B in 2016. Overall, silver imports continue to indicate a temperate expansion. In that year, global silver imports attained its maximum level of $34B. From 2012 to 2016, growth of global silver imports failed to regain its strength.

Top Silver Importing Countries in the World

1. USA (4.4 billion USD)

2. United Kingdom (2.4 billion USD)

3. India (1.8 billion USD)

4. Canada (1.3 billion USD)

5. Japan (1.0 billion USD)

6. China (0.8 billion USD)

7. Switzerland (0.6 billion USD)

8. China, Hong Kong SAR (0.5 billion USD)

9. South Korea (0.4 billion USD)

10. Italy (0.4 billion USD)

11. Mexico (0.1 billion USD)

12. Russia (0.0 billion USD)

Silver Imports By Country

Japan (8.3K tonnes), the U.S. (7.8K tonnes), Mexico (6.8K tonnes), the UK (4.9K tonnes), Canada (4K tonnes), South Korea (3.5K tonnes), India (3.5K tonnes), China (3.4K tonnes), Russia (3.3K tonnes), and China, Hong Kong SAR (3.2K tonnes) represented roughly 68% of total imports of silver in 2016. The following importers - Switzerland (2.1K tonnes), and Italy (2.1K tonnes) occupied approx. 6% of total imports, each.

From 2007 to 2016, the most notable growth rate of silver imports, among the main importing countries, was attained by Canada (+6.8% per year), while the other global leaders experienced more modest paces of growth.

In value terms, the largest silver markets worldwide were the U.S. ($4.4B), the UK ($2.4B) and India ($1.8B), with a combined 50% share of global imports. These countries were followed by Canada, Japan, China, Switzerland, China, Hong Kong SAR, South Korea, Italy, Mexico and Russia, which together accounted for a further 29%.

Canada (+23.7% per year) experienced the highest rates of growth with regard to the silver imports, in terms of the main importing countries, over the last 9 years, while the other global leaders experienced more modest paces of growth.

Silver Import Prices By Country

The average silver import price stood at $242 per kg in 2016, flattening at the previous year level. In general, silver import price continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2011, when import price increased by 58% against the previous year level. Global silver import peaked of $433 per kg in 2012- however, from 2013 to 2016, it stood at a somewhat lower level.

Import prices varied noticeably by country of destination. the country with the highest import prices was the U.S. ($565 per kg), while Russia ($1,262 per tonne) was among the lowest.

From 2007 to 2016, the most notable growth rate of silver import prices was attained by Canada (+15.9% 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.

Source: World: Silver Including Silver Plated With Gold Or Platinum - Market Report. Analysis and Forecast to 2025