U.S.: Unwrought Silver Market 2024

Unwrought Silver Market Size in the U.S.

In 2023, the U.S. unwrought silver market increased by X% to $X for the first time since 2020, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a relatively flat trend pattern. Unwrought silver consumption peaked at $X in 2013; however, from 2014 to 2023, consumption stood at a somewhat lower figure.

Unwrought Silver Production in the U.S.

In value terms, unwrought silver production rose modestly to $X in 2023. Over the period under review, production recorded a noticeable contraction. The most prominent rate of growth was recorded in 2020 when the production volume increased by X%. Unwrought silver production peaked at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

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Unwrought Silver Exports

Exports from the U.S.

In 2023, overseas shipments of silver, unwrought or in powder form decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, exports continue to indicate a abrupt contraction. The growth pace was the most rapid in 2018 when exports increased by X%. The exports peaked at X tons in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

In value terms, unwrought silver exports shrank rapidly to $X in 2023. Over the period under review, exports recorded a abrupt descent. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons) was the main destination for unwrought silver exports from the United States, with a X% share of total exports. Moreover, unwrought silver exports to Canada exceeded the volume sent to the second major destination, China (X tons), sixfold. The third position in this ranking was held by France (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Canada totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and France (X% per year).

In value terms, Canada ($X) remains the key foreign market for silver, unwrought or in powder form exports from the United States, comprising X% of total exports. The second position in the ranking was taken by China ($X), with an X% share of total exports. It was followed by France, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and France (X% per year).

Export Prices by Country

The average unwrought silver export price stood at $X per ton in 2023, growing by X% against the previous year. In general, the export price, however, continues to indicate a mild descent. The most prominent rate of growth was recorded in 2020 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2023, amid the top suppliers, the highest price was recorded for prices to South Korea ($X per ton) and China ($X per ton), while the average price for exports to India ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (X%), while the prices for the other major destinations experienced mixed trend patterns.

Unwrought Silver Imports

Imports into the U.S.

In 2023, supplies from abroad of silver, unwrought or in powder form was finally on the rise to reach X tons for the first time since 2020, thus ending a two-year declining trend. Overall, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2023, the growth of imports remained at a lower figure.

In value terms, unwrought silver imports rose significantly to $X in 2023. In general, imports, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Mexico (X tons) constituted the largest unwrought silver supplier to the United States, with a X% share of total imports. Moreover, unwrought silver imports from Mexico exceeded the figures recorded by the second-largest supplier, Canada (X tons), threefold. South Korea (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Mexico was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and South Korea (X% per year).

In value terms, Mexico ($X) constituted the largest supplier of silver, unwrought or in powder form to the United States, comprising X% of total imports. The second position in the ranking was taken by Canada ($X), with a X% share of total imports. It was followed by Turkey, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Mexico amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and Turkey (X% per year).

Import Prices by Country

The average unwrought silver import price stood at $X per ton in 2023, increasing by X% against the previous year. Overall, the import price, however, continues to indicate a pronounced slump. The pace of growth appeared the most rapid in 2020 an increase of X% against the previous year. The import price peaked at $X,081 per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Kazakhstan (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform