Spain: Silver Market 2025

Silver Market Size in Spain

The Spanish silver market surged to $X in 2021, growing by 17% against the previous year. Overall, consumption, however, continues to indicate a pronounced slump. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Silver Production in Spain

In value terms, silver production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a remarkable increase. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Silver Exports

Exports from Spain

In 2021, shipments abroad of silver including silver plated with gold or platinum increased by 58% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, saw a perceptible descent. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, silver exports surged to $X in 2021. Overall, exports enjoyed a noticeable expansion. The pace of growth appeared the most rapid in 2020 with an increase of 183% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The UK (X tons) was the main destination for silver exports from Spain, accounting for a 55% share of total exports. Moreover, silver exports to the UK exceeded the volume sent to the second major destination, Italy (X tons), sixfold. The third position in this ranking was held by France (X tons), with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the UK amounted to +19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-21.7% per year) and France (+8.1% per year).

In value terms, the UK ($X) remains the key foreign market for silver including silver plated with gold or platinum exports from Spain, comprising 74% of total exports. The second position in the ranking was taken by France ($X), with a 5.9% share of total exports. It was followed by Italy, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value to the UK stood at +12.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-1.9% per year) and Italy (-14.7% per year).

Export Prices by Country

The average silver export price stood at $X per ton in 2021, rising by 37% against the previous year. Overall, the export price recorded a prominent increase. The growth pace was the most rapid in 2020 when the average export price increased by 92%. The export price peaked in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Morocco ($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 Italy (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Imports

Imports into Spain

For the third consecutive year, Spain recorded growth in purchases abroad of silver including silver plated with gold or platinum, which increased by 125% to X tons in 2021. Overall, imports posted strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, silver imports skyrocketed to $X in 2021. Over the period under review, imports saw strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Italy (X tons) constituted the largest silver supplier to Spain, with a 69% share of total imports. Moreover, silver imports from Italy exceeded the figures recorded by the second-largest supplier, Germany (X tons), fivefold. The third position in this ranking was held by the UK (X tons), with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume from Italy amounted to +22.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.6% per year) and the UK (+38.6% per year).

In value terms, Italy ($X), the UK ($X) and Germany ($X) constituted the largest silver suppliers to Spain, together accounting for 86% of total imports.

Among the main suppliers, the UK, with a CAGR of +46.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average 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 measured growth from 2012 to 2021: its price increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silver import price increased by +40.4% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the average import price increased by 92%. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+9.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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