Latin America and the Caribbean: Semi-Manufactured Silver Market 2025

Semi-Manufactured Silver Market Size in Latin America and the Caribbean

The Latin American semi-manufactured silver market contracted to $X in 2021, dropping by -5.2% against the previous year. Overall, consumption saw a perceptible expansion. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Semi-Manufactured Silver Production in Latin America and the Caribbean

In value terms, semi-manufactured silver production declined to $X in 2021 estimated in export price. Overall, production, however, enjoyed a tangible increase. The most prominent rate of growth was recorded in 2017 with an increase of 69% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then reduced in the following year.

Semi-Manufactured Silver Exports

Exports in Latin America and the Caribbean

Semi-manufactured silver exports skyrocketed to X tons in 2021, rising by 48% on the previous year. Over the period under review, exports, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2018 with an increase of 135%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, semi-manufactured silver exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a abrupt downturn. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico dominates exports structure, reaching X tons, which was approx. 77% of total exports in 2021. Chile (X tons) held a 9.4% share (based on physical terms) of total exports, which put it in second place, followed by Brazil (7.4%). Peru (X tons) took a little share of total exports.

Exports from Mexico decreased at an average annual rate of -17.7% from 2012 to 2021. At the same time, Peru (+35.5%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +35.5% from 2012-2021. By contrast, Chile (-3.9%) and Brazil (-19.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Chile and Peru increased by +6.8 and +3.5 percentage points, respectively.

In value terms, Mexico ($X) remains the largest semi-manufactured silver supplier in Latin America and the Caribbean, comprising 75% of total exports. The second position in the ranking was taken by Peru ($X), with a 17% share of total exports. It was followed by Brazil, with a 3.6% share.

In Mexico, semi-manufactured silver exports declined by an average annual rate of -17.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Peru (+63.3% per year) and Brazil (-28.3% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, growing by 47% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 61% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Peru ($X per ton), while Chile ($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 (+20.6%), while the other leaders experienced mixed trends in the export price figures.

Semi-Manufactured Silver Imports

Imports in Latin America and the Caribbean

In 2021, purchases abroad of silver in semi-manufactured forms increased by 60% to X tons, rising for the second year in a row after five years of decline. Over the period under review, imports showed temperate growth. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, semi-manufactured silver imports skyrocketed to $X in 2021. Total imports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico prevails in imports structure, recording X tons, which was near 77% of total imports in 2021. It was distantly followed by Panama (X tons) and El Salvador (X tons), together generating an 11% share of total imports. Brazil (X tons), Argentina (X tons) and Guatemala (X tons) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +2.2% from 2012 to 2021. At the same time, Panama (+74.7%), Guatemala (+32.2%) and El Salvador (+11.8%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +74.7% from 2012-2021. Brazil experienced a relatively flat trend pattern. By contrast, Argentina (-9.4%) illustrated a downward trend over the same period. While the share of Panama (+6.1 p.p.), El Salvador (+2.6 p.p.) and Guatemala (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Mexico (-3 p.p.) and Argentina (-4.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported silver in semi-manufactured forms in Latin America and the Caribbean, comprising 70% of total imports. The second position in the ranking was taken by El Salvador ($X), with a 10% share of total imports. It was followed by Brazil, with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value in Mexico totaled +3.3%. In the other countries, the average annual rates were as follows: El Salvador (+13.2% per year) and Brazil (+1.3% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, declining by -4.4% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the import price increased by 37% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Brazil ($X per ton), while Panama ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+2.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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