Latin America and the Caribbean: Unwrought Silver Market 2024

Unwrought Silver Market Size in Latin America and the Caribbean

For the fifth year in a row, the Latin American unwrought silver market recorded growth in sales value, which increased by 0.4% to $X in 2021. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in years to come.

Unwrought Silver Production in Latin America and the Caribbean

In value terms, unwrought silver production declined to $X in 2021 estimated in export price. Over the period under review, production saw a perceptible curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 20% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Unwrought Silver Exports

Exports in Latin America and the Caribbean

In 2021, unwrought silver exports in Latin America and the Caribbean fell to X tons, with a decrease of -14.1% on the previous year. Overall, exports recorded a pronounced curtailment. The growth pace was the most rapid in 2016 when exports increased by 8.8% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, unwrought silver exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate a deep contraction. 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 main exporter of silver, unwrought or in powder form, creating 66% of total exports. Chile (X tons) ranks second in terms of the total exports with a 13% share, followed by Argentina (8.8%) and Peru (6.6%). Bolivia (X tons) followed a long way behind the leaders.

Exports from Mexico decreased at an average annual rate of -5.3% from 2012 to 2021. 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, Peru (-1.8%) and Bolivia (-7.9%) illustrated a downward trend over the same period. While the share of Argentina (+5.1 p.p.) and Chile (+4.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Mexico (-9.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest unwrought silver supplier in Latin America and the Caribbean, comprising 64% of total exports. The second position in the ranking was taken by Chile ($X), with a 12% share of total exports. It was followed by Argentina, with an 11% share.

In Mexico, unwrought silver exports declined by an average annual rate of -6.6% over the period from 2012-2021. 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, with an increase of 39% against the previous year. In general, the export price, however, continues to indicate a mild contraction. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 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 Bolivia ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bolivia (+4.5%), while the other leaders experienced a decline in the export price figures.

Unwrought Silver Imports

Imports in Latin America and the Caribbean

After two years of decline, purchases abroad of silver, unwrought or in powder form increased by 110% to X tons in 2021. In general, imports, however, continue to indicate a abrupt downturn. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, unwrought silver imports soared to $X in 2021. Over the period under review, imports, however, recorded a pronounced curtailment. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Mexico represented the key importer of silver, unwrought or in powder form in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near 73% of total imports in 2021. It was distantly followed by Brazil (X tons), comprising a 21% share of total imports. The following importers - Argentina (X tons) and Colombia (X tons) - each resulted at a 3.5% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to unwrought silver imports into Mexico stood at -6.1%. At the same time, Argentina (+74.2%) and Colombia (+10.4%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +74.2% from 2012-2021. By contrast, Brazil (-6.4%) illustrated a downward trend over the same period. Argentina (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Mexico saw its share reduced by -2.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported silver, unwrought or in powder form in Latin America and the Caribbean, comprising 58% of total imports. The second position in the ranking was held by Mexico ($X), with a 28% share of total imports. It was followed by Argentina, with a 5.2% share.

In Brazil, unwrought silver imports decreased by an average annual rate of -7.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Mexico (+1.3% per year) and Argentina (+73.5% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, waning by -14% against the previous year. Import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, unwrought silver import price decreased by -31.5% against 2015 indices. The most prominent rate of growth was recorded in 2013 when the import price increased by 102%. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat 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 ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+7.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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