Chile: Unwrought Silver Market 2025

Unwrought Silver Market Size in Chile

The Chilean unwrought silver market rose modestly to $X in 2021, with an increase of 1.9% against the previous year. Overall, consumption, however, recorded a pronounced decrease. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Unwrought Silver Production in Chile

In value terms, unwrought silver production declined to $X in 2021 estimated in export price. Over the period under review, production, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when the production volume increased by 21%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Unwrought Silver Exports

Exports from Chile

In 2021, unwrought silver exports from Chile reduced to X tons, with a decrease of -9.2% on the previous year's figure. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 64%. The exports peaked at X tons in 2020, and then reduced in the following year.

In value terms, unwrought silver exports surged to $X in 2021. Overall, exports saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 64%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Switzerland (X tons) and Spain (X tons) were the main destinations of unwrought silver exports from Chile, with a combined 99% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +212.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X) remains the key foreign market for silver, unwrought or in powder form exports from Chile, comprising 65% of total exports. The second position in the ranking was held by Switzerland ($X), with a 32% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-5.1% per year) and Spain (+252.2% per year).

Export Prices by Country

In 2021, the average unwrought silver export price amounted to $X per ton, with an increase of 30% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced downturn. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Switzerland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+12.9%), while the prices for the other major destinations experienced a decline.

Unwrought Silver Imports

Imports into Chile

In 2021, supplies from abroad of silver, unwrought or in powder form decreased by -1.7% to X tons, falling for the second consecutive year after three years of growth. In general, imports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 257% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, unwrought silver imports skyrocketed to $X in 2021. Overall, imports, however, showed a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of 180% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Peru (X tons) constituted the largest unwrought silver supplier to Chile, with a 72% share of total imports. Moreover, unwrought silver imports from Peru exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was held by Colombia (X kg), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Peru totaled +30.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+49.9% per year) and Colombia (+12.3% per year).

In value terms, Peru ($X) constituted the largest supplier of silver, unwrought or in powder form to Chile, comprising 63% of total imports. The second position in the ranking was taken by the United States ($X), with a 24% share of total imports. It was followed by Colombia, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Peru stood at +23.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+45.1% per year) and Colombia (+11.0% per year).

Import Prices by Country

The average unwrought silver import price stood at $X per ton in 2021, with an increase of 25% against the previous year. In general, the import price, however, continues to indicate a perceptible contraction. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (-1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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