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Silver Exports by Country

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by Daniel Workman

Worldwide sales for all silver exported from all countries totaled US$34.9 billion in 2024.

The dollar value for globally exported silver increased by an average 35.3% from five years earlier in 2020 when overall silver shipments were valued at $25.8 billion.

Year over year, globally exported silver accelerated by 15.4% compared to $30.3 billion during 2023.

The 5 top silver exporters are Hong Kong, mainland China, United Kingdom, Mexico and Germany. Combined, that quintet of major silver exporters generated approaching half (47.9%) of international silver sales during 2024.

From the continental perspective, suppliers located in Asia sold the highest dollar worth of silver on world markets in 2024 with shipments amounting to $16.3 billion or 46.6% of globally exported silver. In second place were exporters in Europe at 33.6% compared to another 15.4% worth of silver shipments that originated from North America.

Smaller percentages came from providers in Latin America (2.5%) excluding Mexico but including the Caribbean, trailed by Oceania (1.5%) led by Australia, Papua New Guinea and New Zealand, then Africa (0.4%).

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.

Below are the 15 countries that exported the highest dollar value worth of silver during 2024.

Hong Kong: US$4.4 billion (12.7% of total silver exports)
mainland China: $3.8 billion (10.9%)
United Kingdom: $3.6 billion (10.4%)
Mexico: $2.6 billion (7.4%)
Germany: $2.3 billion (6.5%)
South Korea: $2 billion (5.6%)
Switzerland: $1.93 billion (5.5%)
United Arab Emirates: $1.92 billion (5.5%)
Japan: $1.5 billion (4.3%)
Canada: $1.44 billion (4.1%)
United States: $1.35 billion (3.9%)
Poland: $1.27 billion (3.6%)
Kazakhstan: $623 million (1.8%)
Italy: $575.1 million (1.6%)
Armenia: $552.7 million (1.6%)

By value, the listed 15 countries shipped 85.5% of silver exported worldwide in 2024.

Among the top exporters, the fastest-growing silver exporters since 2023 were: Armenia (up 1,181%), United Arab Emirates (up 164.3%), Germany (up 43.6%) and the United Kingdom (up 29.2%).

Those countries that posted declines in their exported silver sales were: Italy (down -25.3% from 2023), Hong Kong (down -5.6%), Mexico (down -3.3%), Kazakhstan (down -3.1%) and the United States of America (down -2.5%).

By dollar value, the following 100 countries sold 99.99996% of globally exported silver in 2024.

RankExporterSilver Exports2023-4

1.	Hong Kong	$4,421,736,000	-5.6%
2.	mainland China	$3,801,184,000	+24.6%
3.	United Kingdom	$3,627,260,000	+29.2%
4.	Mexico	$2,593,776,000	-3.3%
5.	Germany	$2,286,735,000	+43.6%
6.	South Korea	$1,968,096,000	+17.3%
7.	Switzerland	$1,932,349,000	+20.8%
8.	United Arab Emirates	$1,918,726,000	+164.3%
9.	Japan	$1,497,930,000	+1.1%
10.	Canada	$1,443,643,000	+17.5%
11.	United States	$1,348,557,000	-2.5%
12.	Poland	$1,269,883,000	+27.9%
13.	Kazakhstan	$623,048,000	-3.1%
14.	Italy	$575,119,000	-25.3%
15.	Armenia	$552,702,000	+1181%
16.	Belgium	$495,421,000	+47.9%
17.	Russia	$461,910,000	-15.4%
18.	India	$423,949,000	+380%
19.	Australia	$421,252,000	+170.5%
20.	Peru	$351,965,000	+72.8%
21.	Taiwan	$334,305,000	-36%
22.	Uzbekistan	$310,702,000	+202.2%
23.	Sweden	$253,945,000	-16.4%
24.	Spain	$250,260,000	-28.5%
25.	Chile	$248,255,000	-50.9%
26.	France	$166,846,000	+24.1%
27.	Türkiye	$145,025,000	-79.1%
28.	Bolivia	$128,744,000	+11%
29.	Indonesia	$104,334,000	+32.9%
30.	Papua New Guinea	$97,553,000	+25.6%
31.	Singapore	$96,595,000	-20.7%
32.	Austria	$96,549,000	+14.3%
33.	Morocco	$95,780,000	-24.3%
34.	Argentina	$80,952,000	0%
35.	Netherlands	$60,131,000	+2.6%
36.	Bulgaria	$58,383,000	+143.2%
37.	Czech Republic	$54,321,000	+28.3%
38.	Nicaragua	$35,421,000	+24.6%
39.	Hungary	$33,864,000	+26.5%
40.	South Africa	$32,851,000	+126%
41.	Serbia	$30,368,000	+14292%
42.	Thailand	$27,027,000	+61.4%
43.	Kyrgyzstan	$19,800,000	+2394%
44.	Colombia	$15,191,000	+120.1%
45.	Norway	$14,466,000	-29%
46.	Portugal	$14,293,000	+33.5%
47.	Romania	$11,075,000	0%
48.	Estonia	$10,767,000	+81.9%
49.	Saudi Arabia	$8,279,000	+251.4%
50.	Slovakia	$7,846,000	-54.5%
51.	Malaysia	$6,243,000	-31.7%
52.	New Zealand	$5,805,000	+561.2%
53.	Burkina Faso	$5,772,000	+6.9%
54.	Israel	$5,528,000	+6.9%
55.	Brazil	$4,540,000	-3.1%
56.	Tajikistan	$4,322,000	0%
57.	Denmark	$4,152,000	+9.7%
58.	Greece	$3,752,000	+36.3%
59.	Mongolia	$3,063,000	+3%
60.	Slovenia	$3,005,000	+3.6%
61.	Finland	$2,506,000	-4.4%
62.	Egypt	$2,220,000	-22.9%
63.	Ecuador	$2,099,000	+1142%
64.	Laos	$2,084,000	0%
65.	Qatar	$2,000,000	0%
66.	Philippines	$1,902,000	-13.3%
67.	Azerbaijan	$1,626,000	-22.8%
68.	Uganda	$1,594,000	+23.4%
69.	Zimbabwe	$1,560,000	0%
70.	Croatia	$807,000	+258.7%
71.	Tanzania	$730,000	+87.7%
72.	Lithuania	$705,000	-10.1%
73.	Jordan	$663,000	-26.7%
74.	Dominican Republic	$663,000	-12.5%
75.	Niue	$621,000	+2289%
76.	Ireland	$601,000	-41.3%
77.	Fiji	$467,000	+9.9%
78.	Senegal	$459,000	-36.3%
79.	Lebanon	$453,000	+19.5%
80.	Luxembourg	$429,000	+111.3%
81.	Vietnam	$403,000	-92.7%
82.	Cyprus	$393,000	+138.2%
83.	Honduras	$279,000	-42.1%
84.	Ghana	$257,000	-94.6%
85.	Panama	$233,000	+170.9%
86.	Mali	$206,000	+2189%
87.	Uruguay	$198,000	0%
88.	Kuwait	$192,000	+190.9%
89.	Suriname	$110,000	0%
90.	Iceland	$41,000	+925%
91.	New Caledonia	$39,000	0%
92.	Venezuela	$36,000	-90.1%
93.	Costa Rica	$31,000	-79.6%
94.	Tunisia	$25,000	0%
95.	Malta	$24,000	+200%
96.	El Salvador	$17,000	+112.5%
97.	Bosnia/Herzegovina	$15,000	-31.8%
98.	Cameroon	$11,000	0%
99.	Saint Helena	$8,000	-60%
100.	Namibia	$6,000	0%

Expanding the scope of our analysis to the top 100 silver exporters, the fastest gainers were Serbia (up 14,292% from 2023), Kyrgyzstan (up 2,394%), Niue (up 2,289%), Mali (up 2,189%), Armenia (up 1,181%) then Ecuador (up 1,142%).

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 2023 data was unavailable.

Countries Earning Highest Trade Surpluses from Silver

The following countries posted the highest positive net exports for silver during 2024. 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$2.5 billion (net export surplus down -3.9% since 2023)
mainland China: $2.3 billion (up 23.9%)
South Korea: $1.8 billion (up 16.2%)
Germany: $1.3 billion (up 69.1%)
Poland: $1.2 billion (up 28.4%)
Switzerland: $869.5 million (up 121.8%)
United Arab Emirates: $817.3 million (down -3382.6%)
Kazakhstan: $621.4 million (down -3.2%)
Peru: $350.2 million (up 72.8%)
Belgium: $347.9 million (up 49.5%)
Hong Kong: $340.4 million (down -82.6%)
Uzbekistan: $277.9 million (up 197.3%)
Russia: $271.7 million (down -49.5%)
Chile: $244.8 million (down -51.2%)
Canada: $177.3 million (down -114.5%)

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.

Countries Posting Worst Trade Deficits from Silver

The following countries posted the highest negative net exports for silver during 2024. 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.

India: -US$5.3 billion (net export deficit up 110.7% since 2023)
United States: -$3.7 billion (down -19.6%)
United Kingdom: -$736.8 million (up 6.8%)
Thailand: -$660.2 million (up 25.5%)
France: -$407.3 million (up 50.6%)
Türkiye: -$324.2 million (down -35.1%)
Taiwan: -$272.9 million (up 66.7%)
Italy: -$176.4 million (up 30.3%)
Malaysia: -$98.4 million (up 30.8%)
Romania: -$93.5 million (2023 data unavailable)
Brazil: -$91.4 million (up 59.7%)
Singapore: -$61.8 million (down -52.7%)
Vietnam: -$52.6 million (up 178.7%)
Dominican Republic: -$39.3 million (down -32.2%)
Lebanon: -$32.1 million (up 257.7%)

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 US demand for the precious metal.

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.