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U.S. - Silver, Unwrought Or In Powder Form - Market Analysis, Forecast, Size, Trends And Insights
Report Update: Nov 1, 2024

U.S. - Silver, Unwrought Or In Powder Form - Market Analysis, Forecast, Size, Trends And Insights

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May 18, 2023

Unwrought Silver Import in United States Soars 22%, Averaging $377M in March 2023

U.S. Unwrought Silver Imports

After two months of decline, purchases abroad of silver, unwrought or in powder form increased by 24% to 494 tons in March 2023. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in December 2022 with an increase of 43% month-to-month. As a result, imports reached the peak of 549 tons; afterwards, it flattened through to March 2023.

In value terms, unwrought silver imports skyrocketed to $377M (IndexBox estimates) in March 2023. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in December 2022 when imports increased by 68% against the previous month. As a result, imports reached the peak of $434M. From January 2023 to March 2023, the growth of imports remained at a lower figure.

COUNTRYImport Value of Unwrought Silver in U.S. (million USD)
Mar 2022Apr 2022May 2022Jun 2022Jul 2022Aug 2022Sep 2022Oct 2022Nov 2022Dec 2022Jan 2023Feb 2023Mar 2023
Mexico199212174158140156148147154213199183219
Canada60.774.148.337.733.534.833.621.757.610866.948.273.4
South Korea15.227.213.028.7N/A12.5N/A0.30.41.621.113.821.7
Poland13.8N/A13.728.539.211.50.911.5N/AN/A12.714.412.7
Turkey21.823.426.626.222.731.428.332.022.731.420.214.012.4
Italy1.10.20.60.50.20.40.62.43.56.43.10.710.2
Chile22.321.416.38.220.720.09.813.97.217.518.716.88.6
KazakhstanN/A12.459.417.1N/AN/AN/AN/AN/A14.1N/AN/AN/A
Others50.342.028.765.735.916.751.318.313.542.313.518.918.6
Total384413381370293283272247259434355310377

Imports by Country

In March 2023, Mexico (265 tons) constituted the largest supplier of unwrought silver to the United States, accounting for a 54% share of total imports. Moreover, unwrought silver imports from Mexico exceeded the figures recorded by the second-largest supplier, Canada (107 tons), twofold. The third position in this ranking was taken by South Korea (30 tons), with a 6% share.

From March 2022 to March 2023, the average monthly rate of growth in terms of volume from Mexico stood at +2.0%. The remaining supplying countries recorded the following average monthly rates of imports growth: Canada (+3.0% per month) and South Korea (+3.3% per month).

In value terms, Mexico ($219M) constituted the largest supplier of unwrought silver to the United States, comprising 58% of total imports. The second position in the ranking was taken by Canada ($73M), with a 19% share of total imports. It was followed by South Korea, with a 5.8% share.

From March 2022 to March 2023, the average monthly rate of growth in terms of value from Mexico was relatively modest. The remaining supplying countries recorded the following average monthly rates of imports growth: Canada (+1.6% per month) and South Korea (+3.0% per month).

Imports by Type

In March 2023, metals; silver, unwrought, (but not powder) (436 tons) constituted the largest type of unwrought silver supplied to the United States, with a 88% share of total imports. Moreover, metals; silver, unwrought, (but not powder) exceeded the figures recorded for the second-largest type, metals; silver powder (57 tons), eightfold.

From March 2022 to March 2023, the average monthly rate of growth in terms of the volume of import of metals; silver, unwrought, (but not powder) was relatively modest.

In value terms, metals; silver, unwrought, (but not powder) ($339M) constituted the largest type of unwrought silver supplied to the United States, comprising 90% of total imports. The second position in the ranking was held by metals; silver powder ($38M), with a 10% share of total imports.

Import Prices by Country

In March 2023, the unwrought silver price amounted to $763K per ton (CIF, US), with a decrease of -2% against the previous month. Over the period under review, the import price saw a mild contraction. The pace of growth was the most pronounced in December 2022 when the average import price increased by 17% month-to-month. Over the period under review, average import prices reached the peak figure at $859K per ton in March 2022; however, from April 2022 to March 2023, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In March 2023, the countries with the highest prices were Mexico ($826K per ton) and Turkey ($808K per ton), while the price for Italy ($641K per ton) and Canada ($686K per ton) were amongst the lowest.

From March 2022 to March 2023, the most notable rate of growth in terms of prices was attained by Kazakhstan (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the unwrought silver market in the U.S.. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 24411030 - Silver, unwrought or in powder form (including plated with gold or platinum)

Country coverage:

  • United States

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in the U.S.
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Exports And Growth
    16. Export Prices And Growth
    17. Market Size And Growth
    18. Per Capita Consumption
    19. Imports And Growth
    20. Import Prices
    21. Production, In Physical Terms, 2012–2023
    22. Production, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, 2012–2023
    24. Imports, In Value Terms, 2012–2023
    25. Imports, In Physical Terms, By Country, 2023
    26. Imports, In Physical Terms, By Country, 2012–2023
    27. Imports, In Value Terms, By Country, 2012–2023
    28. Import Prices, By Country Of Origin, 2012–2023
    29. Exports, In Physical Terms, 2012–2023
    30. Exports, In Value Terms, 2012–2023
    31. Exports, In Physical Terms, By Country, 2023
    32. Exports, In Physical Terms, By Country, 2012–2023
    33. Exports, In Value Terms, By Country, 2012–2023
    34. Export Prices, By Country Of Destination, 2012–2023

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