Silver Exports by Country

1939 Dutch silver coin

1939 Dutch silver coin

Worldwide sales for all silver exported by country totaled US$17.8 billion in 2018.

That dollar value of silver exports dropped by an average -23.9% for all exporting countries since 2014 when silver shipments were valued at $23.4 billion. Year over year, globally exported silver slipped by -8.6% from 2017 to 2018.

Among continents, Asia sold the highest dollar worth of silver on international markets in 2018 with shipments amounting to $7.2 billion or 40.5% of total silver exports. In second place were European exporters at 31% compared to the 22.1% in shipments that originated from North America. Smaller percentages came from suppliers in Latin America (4.7%) excluding Mexico but including the Caribbean, trailed by Oceania (1%) led by Australia and Papua New Guinea, then Africa (0.6%).

The 4-digit Harmonized Tariff System (HTS) code prefix is 7106 for unwrought or semi-manufactured silver. That HTS prefix encompasses silver plated with gold or platinum.

Silver Exports by Country


Below are the 15 countries that exported the highest dollar value worth of silver during 2018.

  1. Hong Kong: US$2.2 billion (12.3% of total silver exports)
  2. Mexico: $1.8 billion (9.9%)
  3. United Kingdom: $1.4 billion (8.1%)
  4. United States: $1.3 billion (7.3%)
  5. South Korea: $1.3 billion (7.2%)
  6. China: $1.2 billion (7%)
  7. Japan: $1.1 billion (6.4%)
  8. Germany: $1.1 billion (6.4%)
  9. Canada: $870.5 million (4.9%)
  10. Switzerland: $835.6 million (4.7%)
  11. Poland: $578.8 million (3.2%)
  12. Russia: $459.9 million (2.6%)
  13. Kazakhstan: $450.2 million (2.5%)
  14. Chile: $275.8 million (1.5%)
  15. Belgium: $262.5 million (1.5%)

The listed 15 countries shipped 85.5% of globally exported silver in 2018 by value.

Four among the top exporters grew their silver exports since 2014 namely: Belgium (up 2,265%), Chile (up 51.9%), China (up 47.3%) and United States (up 2%).

Those countries that posted declines in their exported silver sales were led by: Canada (down -41.5%), Switzerland (down -38.3%), Germany (down -35.3%), Poland (down -34.5%) and South Korea (down -30.4%).


The following countries posted the highest positive net exports for silver during 2018. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the surplus between the value of each country’s silver exports and its import purchases for that same commodity.

  1. Mexico: US$1.7 billion (net export surplus down -21.6% since 2014)
  2. Hong Kong: $1.3 billion (down -38.9%)
  3. South Korea: $1.1 billion (down -22.2%)
  4. Germany: $611.4 million (up 31.7%)
  5. Poland: $555.2 million (down -35%)
  6. Switzerland: $538.3 million (up 0.8%)
  7. Russia: $450 million (down -4%)
  8. Kazakhstan: $448.9 million (down -2.9%)
  9. Canada: $446.3 million (down -24.7%)
  10. Chile: $269.2 million (up 54.1%)
  11. Argentina: $246.3 million (up 5.8%)
  12. Sweden: $237.1 million (down -16.4%)
  13. Peru: $200.8 million (down -43.1%)
  14. Belgium: $174.4 million (reversing a -$180.3 million deficit)
  15. Bolivia: $80.4 million (down -37%)

Overtaking Hong Kong in 2018, Mexico earned the highest surplus in the international trade of silver. In turn, this positive cashflow confirms Mexico’s strong competitive advantage for this specific product category.


The following countries posted the highest negative net exports for silver during 2018. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the deficit between the value of each country’s silver import purchases and its exports for that same commodity.

  1. India: -US$3.8 billion (net export deficit down -9.8% since 2014)
  2. United States: -$2 billion (down -37.3%)
  3. United Kingdom: -$583.6 million (down -30.3%)
  4. Thailand: -$497.4 million (down -6.2%)
  5. Taiwan: -$249.7 million (down -44.7%)
  6. France: -$192.8 million (down -13%)
  7. Italy: -$181.9 million (down -2.3%)
  8. Singapore: -$159.5 million (down -25%)
  9. Turkey: -$120.2 million (up 10.8%)
  10. Brazil: -$91.4 million (down -19.5%)
  11. Nepal: -$87.9 million (down -33.5%)
  12. United Arab Emirates: -$43.8 million (up 106.1%)
  13. Israel: -$37.7 million (down -0.9%)
  14. Malaysia: -$34.1 million (up 10.2%)
  15. Czech Republic: -$30.7 million (reversing a $71.7 million surplus)

Surpassing the United States in 2018, India incurred the highest deficit in the international trade of silver. In turn, this negative cashflow highlights India’s strong competitive disadvantage for this specific product category but also signals opportunities for silver-supplying countries that help satisfy powerful Indian demand for the precious metal.


Silver Exporting Companies identifies global silver-producing conglomerates that represent the largest players in the worldwide silver market trade. Shown within parenthesis is the country where the company is headquartered.

  1. BHP Billiton PLC (Australia/United Kingdom)
  2. Fresnillo PLC (United Kingdom/Mexico)
  3. Glencore PLC (Switzerland)
  4. Goldcorp Inc (Canada)
  5. KGHM Polska Miedź SA (Poland)
  6. Pan American Silver PLC (Canada)
  7. Polzmetal International PLC (United Kingdom)
  8. Tahoe Resources Inc (United States)
  9. Volcan Compañía Minera SAA (Peru)

According to global trade intelligence firm Zepol, the following companies are also multinational suppliers of silver:

  • Doe Run Peru (Peru)
  • Silver Wheaton Corp. (Canada)
  • Sumitomo Corporation (Japan)


Searchable List of Silver Exporting Countries in 2018

You can change the presentation order by clicking the triangle icon at the top of any of the columns below.

RankExporterSilver Exports (US$)%World Total
1.Hong Kong$2.2 billion12.3%
2.Mexico$1.8 billion9.9%
3.United Kingdom$1.4 billion8.1%
4.United States$1.3 billion7.3%
5.South Korea$1.3 billion7.2%
6.China$1.2 billion7%
7.Japan$1.1 billion6.4%
8.Germany$1.1 billion6.4%
9.Canada$870.5 million4.9%
10.Switzerland$835.6 million4.7%
11.Poland$578.8 million3.2%
12.Russia$459.9 million2.6%
13.Kazakhstan$450.2 million2.5%
14.Chile$275.8 million1.5%
15.Belgium$262.5 million1.5%
16.Singapore$262.2 million1.5%
17.Sweden$257.7 million1.4%
18.Argentina$247.7 million1.4%
19.Italy$239.3 million1.3%
20.Taiwan$231.7 million1.3%
21.Peru$200.9 million1.1%
22.Australia$138 million0.8%
23.Indonesia$96.1 million0.5%
24.France$92.6 million0.5%
25.Uzbekistan$91.8 million0.5%
26.Philippines$83.3 million0.5%
27.Bolivia$80.5 million0.5%
28.Morocco$70.8 million0.4%
29.Thailand$66 million0.4%
30.Netherlands$56.8 million0.3%
31.Spain$52.3 million0.3%
32.Dominican Republic$35.1 million0.2%
33.Papua New Guinea$34.8 million0.2%
34.United Arab Emirates$31.4 million0.2%
35.Austria$29.9 million0.2%
36.South Africa$29.2 million0.2%
37.Turkey$22.4 million0.1%
38.Hungary$22.1 million0.1%
39.Bulgaria$18.8 million0.1%
40.India$12.3 million0.1%
41.Czech Republic$11.8 million0.1%
42.New Zealand$9.2 million0.1%
43.Norway$5.8 million0.03%
44.Israel$5.5 million0.03%
45.Serbia$4.4 million0.02%
46.Kyrgyzstan$4.1 million0.02%
47.Denmark$3.8 million0.02%
48.Burkina Faso$3.1 million0.02%
49.Malaysia$2.6 million0.01%
50.Colombia$2.5 million0.01%
51.Libya$2.5 million0.01%
52.Brazil$2.1 million0.01%
53.Saudi Arabia$2 million0.01%
54.Lebanon$2 million0.01%
55.Tajikistan$2 million0.01%
56.Slovakia$1.6 million0.01%
57.Portugal$1.6 million0.01%
58.Slovenia$1.4 million0.01%
59.Jordan$1.3 million0.01%
60.Greece$1.3 million0.01%
72.Costa Rica$224,0000.001%
84.Cayman Islands$6,0000.00003%

See also Gold Exports by Country, Platinum Exports by Country and Palladium Exports by Country

Research Sources:
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 21, 2019

Investopedia, Net Exports Definition. Accessed on May 21, 2019, We are the world’s largest silver producer: KGHM (May 7, 2015). Accessed on November 21, 2015

The World Factbook, Field Listing: Exports – Commodities, Central Intelligence Agency. Accessed on May 21, 2019

Trade Map, International Trade Centre. Accessed on May 21, 2019

Wikipedia, Category: Silver mining companies. Accessed on June 1, 2018

Zepol’s company summary highlights by HTS code. Accessed on November 21, 2015