Ecuador: Unwrought Silver Market 2025

Unwrought Silver Market Size in Ecuador

In 2021, the Ecuadorian unwrought silver market decreased by -8.6% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption, however, showed resilient growth. Unwrought silver consumption peaked at $X in 2020, and then contracted in the following year.

Unwrought Silver Production in Ecuador

In value terms, unwrought silver production declined to $X in 2021 estimated in export price. Overall, production, however, enjoyed strong growth. The pace of growth was the most pronounced in 2019 with an increase of 71%. Unwrought silver production peaked at $X in 2020, and then contracted in the following year.

Unwrought Silver Exports

Exports from Ecuador

In 2021, after two years of growth, there was significant decline in shipments abroad of silver, unwrought or in powder form, when their volume decreased by -19.6% to X tons. Overall, exports, however, showed a perceptible increase. The most prominent rate of growth was recorded in 2019 with an increase of 542%. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, unwrought silver exports declined rapidly to $X in 2021. Over the period under review, exports, however, posted a remarkable increase. The growth pace was the most rapid in 2019 with an increase of 834%. Over the period under review, the exports hit record highs at $X in 2020, and then reduced remarkably in the following year.

Exports by Country

The United States (X kg), the United Arab Emirates (X kg) and Canada (X kg) were the main destinations of unwrought silver exports from Ecuador.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +460.8%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X) remains the key foreign market for silver, unwrought or in powder form exports from Ecuador, comprising 55% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +21.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+795.6% per year) and Canada (+0.4% per year).

Export Prices by Country

In 2021, the average unwrought silver export price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the export price recorded a resilient expansion. The growth pace was the most rapid in 2019 an increase of 46%. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to continue growth in the near future.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Canada ($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 (+59.7%), while the prices for the other major destinations experienced more modest paces of growth.

Unwrought Silver Imports

Imports into Ecuador

In 2021, approx. X kg of silver, unwrought or in powder form were imported into Ecuador; which is down by -31% against the previous year. In general, imports continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 123%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, unwrought silver imports shrank remarkably to $X in 2021. Overall, imports saw a deep slump. The growth pace was the most rapid in 2020 when imports increased by 97% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X kg) constituted the largest supplier of unwrought silver to Ecuador, with a 64% share of total imports. Moreover, unwrought silver imports from the United States exceeded the figures recorded by the second-largest supplier, China (X kg), twofold. The third position in this ranking was held by Chile (X kg), with a 7.4% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.3% per year) and Chile (+9.8% per year).

In value terms, the United States ($X) constituted the largest supplier of silver, unwrought or in powder form to Ecuador, comprising 57% of total imports. The second position in the ranking was held by Chile ($X), with a 16% share of total imports. It was followed by China, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value from the United States totaled +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+14.8% per year) and China (-30.2% per year).

Import Prices by Country

The average unwrought silver import price stood at $X per ton in 2021, surging by 22% against the previous year. Overall, the import price, however, faced a abrupt decline. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+4.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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