Ecuador: Silver Market 2025

Silver Market Size in Ecuador

In 2021, the Ecuadorian silver market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption, however, continues to indicate a pronounced contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Silver Exports

Exports from Ecuador

In 2021, shipments abroad of silver including silver plated with gold or platinum decreased by -19.7% to X tons for the first time since 2017, thus ending a three-year rising trend. In general, exports recorded a deep contraction. The pace of growth appeared the most rapid in 2020 when exports increased by 144% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, silver exports reduced sharply to $X in 2021. Over the period under review, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2020 when exports increased by 185% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Panama (X kg), the United States (X kg) and the United Arab Emirates (X kg) were the main destinations of silver exports from Ecuador, together accounting for 85% of total exports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +53.4%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X) remains the key foreign market for silver including silver plated with gold or platinum exports from Ecuador, comprising 54% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 24% share of total exports. It was followed by Canada, with a 21% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at -11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+288.8% per year) and Canada (-13.0% per year).

Export Prices by Country

In 2021, the average silver export price amounted to $X per ton, approximately reflecting the previous year. In general, export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silver export price increased by +38.1% against 2017 indices. The pace of growth was the most pronounced in 2013 an increase of 52% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Panama ($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 the United Arab Emirates (+153.6%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Imports

Imports into Ecuador

In 2021, imports of silver including silver plated with gold or platinum into Ecuador surged to X tons, picking up by 93% against 2020. Over the period under review, imports, however, continue to indicate a slight downturn. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, silver imports surged to $X in 2021. In general, imports, however, saw a deep downturn. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of silver to Ecuador, accounting for a 76% share of total imports. Moreover, silver imports from the United States exceeded the figures recorded by the second-largest supplier, Chile (X tons), sevenfold. China (X kg) ranked third in terms of total imports with an 8.4% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at +28.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+7.7% per year) and China (-17.5% per year).

In value terms, the United States ($X), Chile ($X) and Peru ($X) were the largest silver suppliers to Ecuador, with a combined 85% share of total imports. These countries were followed by China and Taiwan (Chinese), which together accounted for a further 10%.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +16.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average silver import price amounted to $X per ton, shrinking by -22% against the previous year. Overall, the import price showed a deep slump. The pace of growth appeared the most rapid in 2020 when the average import price increased by 45%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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 Peru ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+76.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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