Colombia: Silver Market 2025

Silver Market Size in Colombia

The Colombian silver market fell to $X in 2021, dropping by -6.4% against the previous year. Overall, consumption continues to indicate a noticeable setback. Silver consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Silver Production in Colombia

In value terms, silver production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2020 with an increase of 18%. Silver production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Silver Exports

Exports from Colombia

In 2021, exports of silver including silver plated with gold or platinum from Colombia skyrocketed to X tons, with an increase of 263% compared with the year before. In general, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, silver exports soared to $X in 2021. Over the period under review, exports, however, showed a perceptible curtailment. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Guatemala (X tons), the United States (X tons) and Chile (X tons) were the main destinations of silver exports from Colombia, together comprising 72% of total exports. These countries were followed by Australia, Free Zones, Italy, Uruguay and Spain, which together accounted for a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Uruguay (with a CAGR of +90.1%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Chile ($X) and Australia ($X) appeared to be the largest markets for silver exported from Colombia worldwide, with a combined 80% share of total exports. Italy, Free Zones, Uruguay, Guatemala and Spain lagged somewhat behind, together comprising a further 16%.

In terms of the main countries of destination, Uruguay, with a CAGR of +121.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average silver export price amounted to $X per ton, growing by 9.9% against the previous year. In general, the export price, however, continues to indicate a pronounced downturn. The pace of growth was the most pronounced in 2020 when the average export price increased by 39% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Guatemala ($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 Australia (+54.5%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Imports

Imports into Colombia

After three years of decline, supplies from abroad of silver including silver plated with gold or platinum increased by 73% to X tons in 2021. Overall, imports, however, faced a drastic downturn. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, silver imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by 181%. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest silver supplier to Colombia, with a 69% share of total imports. Moreover, silver imports from the United States exceeded the figures recorded by the second-largest supplier, Mexico (X kg), sevenfold. The third position in this ranking was taken by Italy (X kg), with a 6.2% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to -14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+9.3% per year) and Italy (+11.1% per year).

In value terms, the United States ($X) constituted the largest supplier of silver including silver plated with gold or platinum to Colombia, comprising 83% of total imports. The second position in the ranking was taken by Mexico ($X), with a 7.2% share of total imports. It was followed by Italy, with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-7.6% per year) and Italy (+2.0% per year).

Import Prices by Country

The average silver import price stood at $X per ton in 2021, falling by -13.9% against the previous year. Overall, the import price, however, recorded a remarkable increase. The growth pace was the most rapid in 2017 an increase of 99.9%. Over the period under review, average import prices attained the peak figure at $X per ton in 2020, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+29.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :