Chile: Silver Market 2022

Silver Market Size in Chile

In 2021, the Chilean silver market was finally on the rise to reach $X after four years of decline. In general, consumption, however, continues to indicate a noticeable slump. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Silver Production in Chile

In value terms, silver production expanded notably to $X in 2021 estimated in export price. Over the period under review, production showed a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Silver Exports

Exports from Chile

In 2021, after four years of growth, there was significant decline in overseas shipments of silver including silver plated with gold or platinum, when their volume decreased by -X% to X tons. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020, and then dropped in the following year.

In value terms, silver exports skyrocketed to $X in 2021. In general, exports continue to indicate a noticeable reduction. The growth pace was the most rapid in 2019 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Switzerland (X tons) and Spain (X tons) were the main destinations of silver exports from Chile, with a combined X% share of total exports.

From 2012 to 2021, the biggest increases were in Spain (with a CAGR of +X%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X) remains the key foreign market for silver exports from Chile, comprising X% of total exports. The second position in the ranking was held by Switzerland ($X), with a X% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-X% per year) and Spain (+X% per year).

Export Prices by Country

In 2021, the average silver export price amounted to $X per ton, jumping by X% against the previous year. Overall, the export price, however, saw a noticeable decline. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, the country with the highest price was Spain ($X per ton), while the average price for exports to Switzerland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+X%), while the prices for the other major destinations experienced a decline.

Silver Imports

Imports into Chile

Silver imports into Chile soared to X tons in 2021, with an increase of X% compared with 2020. Over the period under review, imports recorded a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, silver imports surged to $X in 2021. In general, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +X% against 2019 indices. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Peru (X tons) constituted the largest supplier of silver to Chile, with a X% share of total imports. Moreover, silver imports from Peru exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. The third position in this ranking was taken by Colombia (X tons), with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Peru stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+X% per year) and Colombia (+X% per year).

In value terms, Peru ($X) constituted the largest supplier of silver to Chile, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with a X% share of total imports. It was followed by Colombia, with a X% share.

From 2012 to 2021, the average annual growth rate of value from Peru totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+X% per year) and Colombia (+X% per year).

Import Prices by Country

In 2021, the average silver import price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price, however, continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Colombia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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