Peru: Semi-Manufactured Silver Market 2025

Semi-Manufactured Silver Market Size in Peru

In 2021, the Peruvian semi-manufactured silver market decreased by -3.2% to $X for the first time since 2013, thus ending a seven-year rising trend. Overall, consumption enjoyed a remarkable increase. Semi-manufactured silver consumption peaked at $X in 2020, and then fell slightly in the following year.

Semi-Manufactured Silver Production in Peru

In value terms, semi-manufactured silver production fell to $X in 2021 estimated in export price. In general, production, however, continues to indicate a significant expansion. The pace of growth was the most pronounced in 2017 when the production volume increased by 65% against the previous year. Semi-manufactured silver production peaked at $X in 2020, and then contracted in the following year.

Semi-Manufactured Silver Exports

Exports from Peru

In 2021, the amount of silver in semi-manufactured forms exported from Peru fell significantly to X tons, waning by -79.7% compared with 2020 figures. Over the period under review, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 6,926%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, semi-manufactured silver exports declined to $X in 2021. In general, exports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 9,427%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons), the United States (X tons) and Canada (X kg) were the main destinations of semi-manufactured silver exports from Peru, together accounting for 88% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +78.9%), while the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) emerged as the key foreign market for silver in semi-manufactured forms exports from Peru, comprising 63% of total exports. The second position in the ranking was taken by India ($X), with a 29% share of total exports. It was followed by the United States, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada amounted to +78.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+48.1% per year) and the United States (+85.5% per year).

Export Prices by Country

The average semi-manufactured silver export price stood at $X per kg in 2021, increasing by 359% against the previous year. Over the period under review, the export price showed a significant expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per kg), while the average price for exports to Singapore ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+46.8%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Silver Imports

Imports into Peru

In 2021, imports of silver in semi-manufactured forms into Peru skyrocketed to X kg, with an increase of 155% against 2020. Over the period under review, imports posted a measured increase. The pace of growth was the most pronounced in 2019 when imports increased by 265%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, semi-manufactured silver imports soared to $X in 2021. Overall, imports posted a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 362%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United States (X kg) constituted the largest supplier of semi-manufactured silver to Peru, accounting for a 67% share of total imports. Moreover, semi-manufactured silver imports from the United States exceeded the figures recorded by the second-largest supplier, Spain (X kg), fivefold. The third position in this ranking was taken by Chile (X kg), with a 0.4% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to +15.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+57.0% per year) and Chile (-39.3% per year).

In value terms, Spain ($X) constituted the largest supplier of silver in semi-manufactured forms to Peru, comprising 40% of total imports. The second position in the ranking was taken by the United States ($X), with a 15% share of total imports. It was followed by Chile, with a 0.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain stood at +69.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+13.5% per year) and Chile (-35.8% per year).

Import Prices by Country

The average semi-manufactured silver import price stood at $X per ton in 2021, rising by 15% against the previous year. Over the period under review, import price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, semi-manufactured silver import price decreased by -21.2% against 2019 indices. The pace of growth appeared the most rapid in 2015 an increase of 60% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a lower figure.

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 Spain ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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