Trade Trends
Global exports of silver in unwrought, semi-manufactured, or powder form rose from $16.73B in 2019 to $29.60B in 2023, reflecting a 76.92% increase over the five-year period. The highest value was recorded in 2021 at $35.93B, followed by a decline to $32.07B in 2022 and further to $29.60B in 2023.
This trajectory in USD$ terms suggests a peak in silver trade during 2021, likely influenced by industrial demand and investment interest. The subsequent decline may reflect price corrections, inventory adjustments, or shifts in sourcing strategies. Silver continues to play a critical role in electronics, renewable energy, and manufacturing, keeping its export relevance intact despite short-term fluctuations.
Top Trading Countries
Hong Kong led silver exports in 2024 with $4.42B, down from $4.68B in 2023. Compared to $1.57B in 2019, this marks a 197.66% increase from 2019 to 2023 and a 5.55% decline between 2023 and 2024.
China followed with $3.80B in 2024, up from $3.05B in 2023 and $1.34B in 2019. Its exports rose 128.3% from 2019 to 2023 and 24.69% between 2023 and 2024.
The United Kingdom reached $3.60B in 2024, increasing from $2.81B in 2023 and $1.19B in 2019. This reflects a 135.17% rise from 2019 to 2023 and 28.25% growth between 2023 and 2024.
Mexico exported $2.59B in 2024, slightly down from $2.68B in 2023. Compared to $1.88B in 2019, this marks a 42.89% increase over five years and a 3.44% decline between 2023 and 2024.
Germany reached $2.31B in 2024, up from $1.85B in 2023 and $1.29B in 2019. Its exports rose 43.82% from 2019 to 2023 and 25.03% between 2023 and 2024.
On the Rise
Australia expanded its silver exports from $87.23M in 2019 to $155.69M in 2023 and $421.27M in 2024. This reflects a 78.48% increase from 2019 to 2023 and 170.58% growth between 2023 and 2024.
Switzerland grew from $790.33M in 2019 to $1.60B in 2023 and $1.93B in 2024. Its exports rose 102.24% from 2019 to 2023 and 20.87% between 2023 and 2024.
Poland reached $1.27B in 2024, up from $992.79M in 2023 and $729.04M in 2019. This marks a 36.18% increase from 2019 to 2023 and 27.91% growth between 2023 and 2024.
Canada exported $1.39B in 2024, rising from $1.21B in 2023 and $758.84M in 2019. Its growth was 58.9% from 2019 to 2023 and 15.65% between 2023 and 2024.
South Korea reached $1.97B in 2024, up from $1.68B in 2023 and $1.28B in 2019. This reflects a 31.2% increase from 2019 to 2023 and 17.29% growth between 2023 and 2024.
Japan exported $1.50B in 2024, nearly unchanged from $1.48B in 2023. Compared to $1.20B in 2019, this marks a 23.42% increase over five years and 1.33% growth between 2023 and 2024.
Disclaimer
These insights are based on available trade data and may not represent the full market reality. Data for Russia is unavailable for 2022 and onwards.
