Latin America and the Caribbean: Silver Market 2025

Silver Market Size in Latin America and the Caribbean

The Latin American silver market fell markedly to $X in 2021, dropping by -17.3% against the previous year. In general, consumption saw a noticeable contraction. The most prominent rate of growth was recorded in 2020 with an increase of 2.7%. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Silver Production in Latin America and the Caribbean

In value terms, silver production reduced modestly to $X in 2021 estimated in export price. Overall, production, however, saw a pronounced slump. The most prominent rate of growth was recorded in 2020 with an increase of 5.9%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Silver Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of silver including silver plated with gold or platinum increased by 22% to X tons, rising for the second year in a row after three years of decline. In general, exports, however, recorded a relatively flat trend pattern. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, silver exports surged to $X in 2021. Overall, exports, however, continue to indicate a noticeable shrinkage. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Mexico (X tons) was the key exporter of silver including silver plated with gold or platinum, creating 73% of total exports. Chile (X tons) ranks second in terms of the total exports with a 10% share, followed by Argentina (6.4%) and Peru (4.8%). Bolivia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to silver exports from Mexico stood at -1.3%. At the same time, Argentina (+5.9%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +5.9% from 2012-2021. Chile experienced a relatively flat trend pattern. By contrast, Bolivia (-1.5%) and Peru (-2.6%) illustrated a downward trend over the same period. Argentina (+2.9 p.p.) significantly strengthened its position in terms of the total exports, while Mexico saw its share reduced by -2.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest silver supplier in Latin America and the Caribbean, comprising 67% of total exports. The second position in the ranking was taken by Chile ($X), with an 11% share of total exports. It was followed by Argentina, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico totaled -5.6%. In the other countries, the average annual rates were as follows: Chile (-2.1% per year) and Argentina (+2.6% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, growing by 7% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2019 when the export price increased by 12%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Mexico ($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 (-2.2%), while the other leaders experienced a decline in the export price figures.

Silver Imports

Imports in Latin America and the Caribbean

In 2021, the amount of silver including silver plated with gold or platinum imported in Latin America and the Caribbean declined rapidly to X tons, reducing by -33.3% on 2020 figures. In general, imports faced a deep downturn. The growth pace was the most rapid in 2014 with an increase of 6.3% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, silver imports skyrocketed to $X in 2021. Overall, imports recorded a slight contraction. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Brazil (X tons) was the main importer of silver including silver plated with gold or platinum, comprising 42% of total imports. El Salvador (X tons) took the second position in the ranking, followed by Argentina (X tons), Costa Rica (X tons) and Guatemala (X tons). All these countries together held near 36% share of total imports. Chile (X tons), the Dominican Republic (X tons), Nicaragua (X tons), Ecuador (X tons) and Panama (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to silver imports into Brazil stood at -5.8%. At the same time, Panama (+74.4%), Guatemala (+30.6%), the Dominican Republic (+23.8%), Nicaragua (+17.2%), El Salvador (+11.8%) and Costa Rica (+8.5%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +74.4% from 2012-2021. Chile experienced a relatively flat trend pattern. By contrast, Ecuador (-1.9%) and Argentina (-4.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil, El Salvador, Argentina, Costa Rica, Guatemala, the Dominican Republic, Nicaragua, Chile, Ecuador and Panama increased by +30, +12, +7, +7, +6.5, +3.5, +3.3, +3.1, +2.6 and +2.1 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported silver including silver plated with gold or platinum in Latin America and the Caribbean, comprising 36% of total imports. The second position in the ranking was taken by El Salvador ($X), with a 3.9% share of total imports. It was followed by Argentina, with a 3.5% share.

In Brazil, silver imports declined by an average annual rate of -7.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: El Salvador (+13.2% per year) and Argentina (+11.7% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, with an increase of 155% against the previous year. In general, the import price posted a significant expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Dominican Republic ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+17.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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