Silver Exports by Country

1939 Dutch silver coin

1939 Dutch silver coin

Global sales from silver exports by country amounted to US$18.2 billion in 2016.

Overall, the value of silver exports were down by an average -49.1% for all exporting countries since 2012 when silver shipments were valued at $35.8 billion. Year over year, the value of global silver exports dropped by a modest -2.7% from 2015 to 2016.

Among continents, Asian countries accounted for the highest dollar worth of silver exports during 2016 with shipments amounting to $7 billion or 38.5% of globally exported silver. In second place were European exporters at 27.5% while 26.6% in worldwide shipments originated from North America.

Latin America (excluding Mexico) and Caribbean countries provided 4.4% worth of silver exports, followed by 2.2% from Oceania (mostly Australian and New Zealand) while 0.9% originated from African suppliers.

The 4-digit Harmonized Tariff System code prefix for unwrought or semi-manufactured silver is 7106.

Silver Exports by Country

Countries

Below are the 15 countries that exported the highest dollar value worth of silver during 2016:

  1. Mexico: US$1.9 billion (10.4% of total silver exports)
  2. South Korea: $1.7 billion (9.2%)
  3. Canada: $1.6 billion (9%)
  4. Hong Kong: $1.5 billion (8.3%)
  5. Japan: $1.4 billion (7.9%)
  6. Germany: $1.3 billion (7.4%)
  7. United States: $1.3 billion (7.2%)
  8. China: $1.1 billion (6%)
  9. Switzerland: $828.9 million (4.6%)
  10. United Kingdom: $736.9 million (4.1%)
  11. Poland: $697.8 million (3.8%)
  12. Kazakhstan: $584.6 million (3.2%)
  13. Italy: $370.7 million (2%)
  14. Sweden: $289.9 million (1.6%)
  15. Peru: $280.7 million (1.5%)

The listed 15 countries shipped 86.3% of global silver exports in 2016 by value.

Only one of the above countries grew the value of their silver exporters since 2012, name China via its 21.2% gain.

The remaining 14 countries posted declines in their exported sales led by: Hong Kong (down -56.4%), Mexico (down -55.8%), Switzerland (down -52%), United States (down -50.5%) and Germany (down -47.6%).

Advantages

The following countries posted the highest positive net exports for silver during 2016. 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$1.8 billion (net export surplus down -56.4% since 2012)
  2. South Korea: $1.2 billion (down -39.8%)
  3. Hong Kong: $1.1 billion (down -53.5%)
  4. Poland: $677.6 million (down -47%)
  5. Germany: $670.8 million (down -37.8%)
  6. Kazakhstan: $583.5 million (down -40.7%)
  7. Japan: $390 million (up 450.9%)
  8. Canada: $374.4 million (down -51%)
  9. China: $288.2 million (up 11.7%)
  10. Peru: $279.8 million (down -32.4%)
  11. Russia: $267.6 million (down -73%)
  12. Sweden: $264.5 million (down -35.7%)
  13. Papua New Guinea: $236.4 million (down -4727440%)
  14. Switzerland: $213.2 million (down -126.2%)
  15. Argentina: $191.3 million (down -36.9%)

Mexico has 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.

Opportunities

The following countries posted the highest negative net exports for silver during 2016. 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 thedeficit between the value of each country’s silver import purchases and its exports for that same commodity.

  1. United States: -US$3.1 billion (net export deficit down -22.8% since 2012)
  2. India: -$1.8 billion (down -9.3%)
  3. United Kingdom: -$1.7 billion (down -76.5%)
  4. Taiwan: -$605 million (down -8.6%)
  5. Thailand: -$504 million (down -24.7%)
  6. Australia: -$316.7 million (up 99.9%)
  7. Singapore: -$300.9 million (up 152.8%)
  8. France: -$188.3 million (down -35%)
  9. Belgium: -$107.3 million (down -110.3%)
  10. Brazil: -$101 million (down -34.6%)
  11. Saudi Arabia: -$86.3 million (up 1683.8%)
  12. Austria: -$82 million (down -43.4%)
  13. Turkey: -$64.6 million (down -6082.6%)
  14. Nepal: -$38.6 million (down -20%)
  15. Israel: -$33.2 million (down -1.7%)

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

Companies

Silver Exporting Companies

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

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

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

RankExporter2016 Silver Exports% World Total
1.MexicoUS$1.9 billion10.4%
2.South Korea$1.7 billion9.2%
3.Canada$1.6 billion9%
4.Hong Kong$1.5 billion8.3%
5.Japan$1.4 billion7.9%
6.Germany$1.3 billion7.4%
7.United States$1.3 billion7.2%
8.China$1.1 billion6%
9.Switzerland$828.9 million4.6%
10.United Kingdom$736.9 million4.1%
11.Poland$697.8 million3.8%
12.Kazakhstan$584.6 million3.2%
13.Italy$370.7 million2%
14.Sweden$289.9 million1.6%
15.Peru$280.7 million1.5%
16.Russia$271.8 million1.5%
17.Papua New Guinea$236.4 million1.3%
18.Singapore$194.6 million1.1%
19.Argentina$193.3 million1.1%
20.Taiwan$179 million1%
21.Chile$168.3 million0.9%
22.Spain$142.4 million0.8%
23.New Zealand$132.3 million0.7%
24.Morocco$123.7 million0.7%
25.Bolivia$108.7 million0.6%
26.Turkey$98.9 million0.5%
27.Indonesia$98.6 million0.5%
28.France$91.5 million0.5%
29.Netherlands$71.7 million0.4%
30.United Arab Emirates$48.2 million0.3%
31.Austria$44.4 million0.2%
32.Dominican Republic$27.7 million0.2%
33.Bulgaria$27.3 million0.2%
34.Czech Republic$26.3 million0.1%
35.Australia$26.1 million0.1%
36.Thailand$25 million0.14%
37.Brazil$23.2 million0.13%
38.Laos$11.6 million0.06%
39.Norway$11.5 million0.06%
40.Swaziland$11.5 million0.06%
41.India$10.2 million0.06%
42.Hungary$10.1 million0.06%
43.Libya$9.2 million0.05%
44.South Africa$8.8 million0.05%
45.Serbia$6.4 million0.04%
46.Israel$5.3 million0.03%
47.Denmark$4.3 million0.02%
48.Kyrgyzstan$4.2 million0.02%
49.North Korea$4.1 million0.02%
50.Greece$3.9 million0.02%
51.Portugal$3.7 million0.02%
52.Colombia$3.3 million0.02%
53.Burkina Faso$3.1 million0.02%
54.Estonia$2.9 million0.02%
55.Slovenia$2.6 million0.01%
56.Philippines$2.6 million0.01%
57.Malaysia$2.5 million0.01%
58.Belgium$2.3 million0.01%
59.Finland$1.7 million0.01%
60.Nicaragua$1.6 million0.01%
61.Curaçao$1.5 million0.01%
62.Saudi Arabia$1.3 million0.01%
63.Lebanon$1.2 million0.01%
64.Tajikistan$1.2 million0.01%
65.Slovakia$1.1 million0.01%
66.Zimbabwe$974,0000.01%
67.Mongolia$845,0000.005%
68.Honduras$775,0000.004%
69.Panama$686,0000.004%
70.Latvia$669,0000.004%
71.Vietnam$518,0000.003%
72.Croatia$452,0000.002%
73.Fiji$440,0000.002%
74.Lithuania$424,0000.002%
75.Senegal$374,0000.002%
76.Ecuador$335,0000.002%
77.Cyprus$292,0000.002%
78.Ireland$253,0000.001%
79.Oman$194,0000.001%
80.Jordan$173,0000.001%
81.Luxembourg$153,0000.001%
82.Albania$128,0000.001%
83.Nigeria$124,0000.001%
84.El Salvador$120,0000.001%
85.Costa Rica$105,0000.001%
86.Egypt$91,0000.001%
87.Cook Islands$65,0000.0004%
88.Niger$48,0000.0003%
89.Andorra$46,0000.0003%
90.Venezuela$43,0000.0002%
91.Qatar$30,0000.0002%
92.Benin$28,0000.0002%
93.Cuba$26,0000.0001%
94.Bosnia/Herzegovina$15,0000.0001%
95.Ukraine$13,0000.0001%
96.Macao$12,0000.0001%
97.Malta$8,0000.0000%
98.Bahamas$5,0000.00003%
99.US Minor Outlying Is.$5,0000.00003%
100.Barbados$4,0000.00002%
101.Guatemala$3,0000.00002%
102.Iran$2,0000.00001%
103.Côte d'Ivoire$2,0000.00001%
104.Brunei Darussalam$2,0000.00001%
105.Namibia$2,0000.00001%
106.Mauritius$1,0000.00001%
107.Botswana$1,0000.00001%
108.Gabon$1,0000.00001%
109.Tunisia$14,0000.00008%
110.Iceland$13,0000.00007%
111.Nigeria$12,0000.00007%
112.Switzerland$12,0000.00007%
113.Japan$11,0000.00006%
114.Ukraine$11,0000.00006%
115.Turkey$10,0000.00005%
116.Iran$9,0000.00005%
117.Tonga$7,0000.00004%
118.Rwanda$7,0000.00004%
119.Senegal$5,0000.00003%
120.Namibia$5,0000.00003%
121.Madagascar$5,0000.00003%
122.Uruguay$4,0000.00002%
123.Mali$2,0000.00001%
124.Montenegro$2,0000.00001%
125.Norway$1,0000.00001%
126.Malawi$1,0000.00001%
127.Sierra Leone$1,0000.00001%
128.Pitcairn$1,0000.00001%
129.Bhutan$1,0000.00001%


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

Research Sources:
The World Factbook, Field Listing: Exports – Commodities, Central Intelligence Agency. Accessed on June 5, 2017

Trade Map, International Trade Centre. Accessed on June 5, 2017

Investopedia, Net Exports Definition. Accessed on June 5, 2017

Wikipedia, Category: Silver mining companies. Accessed on June 5, 2017

MINING.com, We are the world’s largest silver producer: KGHM (May 7, 2015). Accessed on November 21, 2015

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