That dollar value for globally exported silver rose by an average 43.7% since 2016 when silver shipments were valued at $18.1 billion.
From 2019 to 2020, globally exported silver accelerated by 57%.
Five major silver exporters generated just over half (50.9%) of overall silver shipments in 2020: United Kingdom, Hong Kong, China, Mexico and the United States.
Among continents, suppliers located in Asia sold the highest dollar worth of silver on international markets in 2020 with shipments amounting to $10.4 billion or 40.1% of worldwide silver exports. In second place were European exporters at 36.6% compared to the 19% in shipments that originated from North America.
Smaller percentages came from providers in Latin America (3%) excluding Mexico but including the Caribbean, trailed by Oceania (0.9%) led by Australia and Papua New Guinea, then Africa (0.5%).
For research purposes, the 4-digit Harmonized Tariff System (HTS) code prefix is 7106 for unwrought or semi-manufactured silver. That HTS prefix code encompasses silver plated with gold or platinum.
Silver Exports by Country
Countries
Below are the 15 countries that exported the highest dollar value worth of silver during 2020.
- United Kingdom: US$3.8 billion (14.4% of total silver exports)
- Hong Kong: $3 billion (11.6%)
- China: $2.5 billion (9.5%)
- Mexico: $2.1 billion (8%)
- United States: $1.9 billion (7.3%)
- Germany: $1.9 billion (7.2%)
- South Korea: $1.6 billion (6.3%)
- Japan: $1.6 billion (6.2%)
- Switzerland: $969.9 million (3.7%)
- Canada: $934.2 million (3.6%)
- Poland: $859.4 million (3.3%)
- Kazakhstan: $613.8 million (2.4%)
- Belgium: $482.9 million (1.9%)
- Russia: $421.1 million (1.6%)
- Sweden: $364.2 million (1.4%)
By value, the listed 15 countries shipped 88.3% of global silver exported in 2020.
Among the top exporters, the fastest-growing silver exporters since 2019 were: United Kingdom (up 214.6%), Kazakhstan (up 120.7%), Hong Kong (up 91.9%) and United States (up 90.5%).
Those countries that posted the mildest increases in their exported silver sales were led by: Mexico (down 11.1%), Poland (down 17.9%), Switzerland (down 22.6%), Canada (down 23.9%) and South Korea (down 27.8%).
Advantages
The following countries posted the highest positive net exports for silver during 2020. 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.
- Mexico: US$2 billion (net export surplus up 12.2% since 2019)
- Hong Kong: $1.8 billion (up 235.6%)
- South Korea: $1.5 billion (up 26.8%)
- China: $1.1 billion (up 283.2%)
- Germany: $1.05 billion (up 60.9%)
- United Kingdom: $1 billion (reversing an -$862.6 million deficit)
- Poland: $832.9 million (up 17.5%)
- Kazakhstan: $613 million (up 120.5%)
- Belgium: $425.6 million (up 53.3%)
- Russia: $405.4 million (up 33.4%)
- Japan: $356.3 million (up 31.6%)
- Sweden: $340 million (up 79.2%)
- Switzerland: $328.7 million (down -9.4%)
- Chile: $246.2 million (up 36.8%)
- Argentina: $202.5 million (down -39.2%)
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.
Opportunities
The following countries posted the highest negative net exports for silver during 2020. 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.
- United States: -US$4 billion (net export deficit up 80.7% since 2019)
- Canada: -$1.7 billion (down -1071.4%)
- India: -$1 billion (down -64.6%)
- Australia: -$511.9 million (up 962.6%)
- Thailand: -$385.3 million (down -12.9%)
- Taiwan: -$377.1 million (up 38.1%)
- Turkey: -$349.7 million (up 118.7%)
- Singapore: -$281.9 million (up 76.4%)
- France: -$229.3 million (up 24%)
- Austria: -$185.7 million (up 184.6%)
- Italy: -$89.2 million (down -47.4%)
- Czech Republic: -$61.3 million (up 49.3%)
- Malaysia: -$48.7 million (up 31.8%)
- Brazil: -$48.5 million (down -27.3%)
- New Zealand: -$37.7 million (up 153.4%)
The United States of America incurred the highest deficit in the international trade of silver. In turn, this negative cashflow highlights America’s strong competitive disadvantage for this specific product category but also signals opportunities for silver-supplying countries that help satisfy powerful US demand for the precious metal.
Companies
Silver Exporting Companies
MINING.com identifies global silver-producing conglomerates that represent the largest players in the worldwide silver market trade. Shown within parenthesis is the country where the company is headquartered.
- BHP Billiton PLC (Australia/United Kingdom)
- Fresnillo PLC (United Kingdom/Mexico)
- Glencore PLC (Switzerland)
- Goldcorp Inc (Canada)
- KGHM Polska Miedź SA (Poland)
- Pan American Silver PLC (Canada)
- Polzmetal International PLC (United Kingdom)
- Tahoe Resources Inc (United States)
- Volcan Compañía Minera SAA (Peru)
According to global trade intelligence firm Zepol, the following companies are also multinational suppliers of silver.
- Doe Run Peru (Peru)
- Silver Wheaton Corp. (Canada)
- Sumitomo Corporation (Japan)
Searchable List of Silver Exporting Countries in 2020
The following 106 countries sold 100% of globally exported silver in 2020.
| Rank | Exporter | Silver Exports (US$) | 2019-20 |
|---|---|---|---|
| 1. | United Kingdom | $3,754,155,000 | +214.6% |
| 2. | Hong Kong | $3,017,630,000 | +91.9% |
| 3. | China | $2,469,317,000 | +82.3% |
| 4. | Mexico | $2,090,256,000 | +11.1% |
| 5. | United States | $1,911,240,000 | +90.5% |
| 6. | Germany | $1,861,908,000 | +45.3% |
| 7. | South Korea | $1,634,646,000 | +27.8% |
| 8. | Japan | $1,602,576,000 | +33.9% |
| 9. | Switzerland | $969,915,000 | +22.6% |
| 10. | Canada | $934,164,000 | +23.9% |
| 11. | Poland | $859,448,000 | +17.9% |
| 12. | Kazakhstan | $613,768,000 | +120.7% |
| 13. | Belgium | $482,926,000 | +40% |
| 14. | Russia | $421,086,000 | +33.2% |
| 15. | Sweden | $364,151,000 | +75.1% |
| 16. | Italy | $353,636,000 | +44.4% |
| 17. | Chile | $250,694,000 | +27.9% |
| 18. | Argentina | $207,184,000 | -38.1% |
| 19. | Peru | $166,679,000 | -47.5% |
| 20. | India | $160,683,000 | +1451% |
| 21. | Australia | $153,784,000 | +76.3% |
| 22. | Spain | $147,718,000 | +178.7% |
| 23. | Taiwan | $147,165,000 | +124.6% |
| 24. | Thailand | $139,008,000 | +27.5% |
| 25. | Bolivia | $119,149,000 | +26% |
| 26. | Uzbekistan | $116,140,000 | 0% |
| 27. | Indonesia | $115,822,000 | +17.8% |
| 28. | Turkey | $110,276,000 | +254.9% |
| 29. | Singapore | $105,862,000 | -24.8% |
| 30. | Morocco | $103,378,000 | +10.6% |
| 31. | France | $97,323,000 | +3% |
| 32. | United Arab Emirates | $79,962,000 | +75.5% |
| 33. | Laos | $62,644,000 | 0% |
| 34. | Netherlands | $62,611,000 | +39.5% |
| 35. | Papua New Guinea | $60,241,000 | +11.2% |
| 36. | Austria | $30,885,000 | -1.5% |
| 37. | Malaysia | $26,250,000 | +258.2% |
| 38. | Czech Republic | $24,697,000 | +34.3% |
| 39. | Hungary | $22,863,000 | +26.3% |
| 40. | Bulgaria | $19,459,000 | +12.2% |
| 41. | Tokelau | $16,898,000 | 0% |
| 42. | Nicaragua | $14,834,000 | +58.4% |
| 43. | South Africa | $11,140,000 | +38.5% |
| 44. | Serbia | $10,568,000 | +37.6% |
| 45. | Israel | $7,519,000 | +21.3% |
| 46. | Kyrgyzstan | $7,492,000 | +72.7% |
| 47. | Denmark | $7,416,000 | +29.3% |
| 48. | Norway | $7,028,000 | -5.3% |
| 49. | Burkina Faso | $6,665,000 | +125.1% |
| 50. | Libya | $6,561,000 | +1673% |
| 51. | Greece | $5,860,000 | +608.6% |
| 52. | Iraq | $5,248,000 | 0% |
| 53. | Egypt | $4,475,000 | +14817% |
| 54. | Colombia | $2,787,000 | +72.4% |
| 55. | Brazil | $2,598,000 | +13% |
| 56. | Azerbaijan | $2,470,000 | +48.4% |
| 57. | Portugal | $2,420,000 | +127.4% |
| 58. | Saudi Arabia | $2,356,000 | +335.5% |
| 59. | Slovakia | $2,222,000 | -29% |
| 60. | Tajikistan | $2,112,000 | +30.2% |
| 61. | Mongolia | $1,958,000 | 0% |
| 62. | Lithuania | $1,903,000 | +20.1% |
| 63. | Panama | $1,788,000 | +422.8% |
| 64. | Slovenia | $1,686,000 | -18.3% |
| 65. | Lebanon | $1,343,000 | +24.5% |
| 66. | Uganda | $1,271,000 | +19.1% |
| 67. | Dominican Rep | $1,227,000 | +4.9% |
| 68. | Vietnam | $1,218,000 | +49.1% |
| 69. | Philippines | $1,121,000 | -98.8% |
| 70. | Estonia | $1,018,000 | +50.1% |
| 71. | Ecuador | $923,000 | 0% |
| 72. | New Zealand | $808,000 | +46.4% |
| 73. | Senegal | $600,000 | +15.8% |
| 74. | Croatia | $528,000 | +39.3% |
| 75. | Finland | $402,000 | +8.9% |
| 76. | Tanzania | $385,000 | +2467% |
| 77. | Ghana | $370,000 | +36900% |
| 78. | Niger | $326,000 | 0% |
| 79. | Luxembourg | $287,000 | +187% |
| 80. | Costa Rica | $272,000 | +154.2% |
| 81. | Ireland | $238,000 | +260.6% |
| 82. | Mali | $236,000 | 0% |
| 83. | Kenya | $232,000 | +1189% |
| 84. | Jordan | $222,000 | -37.3% |
| 85. | Andorra | $219,000 | 0% |
| 86. | Fiji | $202,000 | -45.4% |
| 87. | Ivory Coast | $161,000 | 0% |
| 88. | Cyprus | $137,000 | -24.7% |
| 89. | Afghanistan | $63,000 | 0% |
| 90. | Belarus | $46,000 | 0% |
| 91. | Armenia | $30,000 | +172.7% |
| 92. | Kuwait | $28,000 | 0% |
| 93. | Cuba | $19,000 | -89% |
| 94. | Tunisia | $10,000 | 0% |
| 95. | Venezuela | $8,000 | +700% |
| 96. | Barbados | $4,000 | -60% |
| 97. | Latvia | $3,000 | +50% |
| 98. | Malta | $3,000 | -25% |
| 99. | Pakistan | $2,000 | 0% |
| 100. | Ukraine | $2,000 | -60% |
| 101. | Guyana | $2,000 | 0% |
| 102. | Chad | $2,000 | -99.4% |
| 103. | Bosnia/Herzegovina | $1,000 | -85.7% |
| 104. | Bahamas | $1,000 | 0% |
| 105. | Djibouti | $1,000 | 0% |
| 106. | Iran | $1,000 | 0% |
You can change the presentation order by clicking the triangle icon at the top of any of the columns. An entry of 0% in the right-most column means that 2019 data was unavailable.
See also Gold Exports by Country, Platinum Exports by Country, Palladium Exports by Country and Most Valuable Global Markets for Selling Silver Imports
Research Sources:
Central Intelligence Agency, The World Factbook Field Listing: Exports – Commodities. Accessed on August 12, 2021
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 12, 2021
International Trade Centre, Trade Map. Accessed on August 12, 2021
Investopedia, Net Exports Definition. Accessed on August 12, 2021
MINING.com, We are the world’s largest silver producer: KGHM (May 7, 2016). Accessed on August 12, 2021
Wikipedia, Category: Silver mining companies. Accessed on August 12, 2021
Zepol’s company summary highlights by HTS code. Accessed on August 12, 2021
