Latin America and the Caribbean: Silver Market 2024

Silver Market Size in Latin America and the Caribbean

The Latin American silver market rose modestly to $X in 2023, growing by X% against the previous year. Over the period under review, consumption saw a mild downturn. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Silver Production in Latin America and the Caribbean

In value terms, silver production amounted to $X in 2023 estimated in export price. In general, production, however, continues to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Silver Exports

Exports in Latin America and the Caribbean

Silver exports rose notably to X tons in 2023, growing by X% against the previous year. In general, exports, however, showed a perceptible downturn. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, silver exports expanded notably to $X in 2023. Over the period under review, exports, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Mexico represented the key exporter of silver including silver plated with gold or platinum in Latin America and the Caribbean, with the volume of exports reaching X tons, which was near X% of total exports in 2023. It was distantly followed by Chile (X tons), Argentina (X tons) and Peru (X tons), together committing a X% share of total exports. Bolivia (X tons) followed a long way behind the leaders.

Exports from Mexico decreased at an average annual rate of X% from 2012 to 2023. At the same time, Argentina (X%) and Chile (X%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. By contrast, Bolivia (X%) and Peru (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Chile and Argentina increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual rate of growth in terms of value in Mexico stood at X%. In the other countries, the average annual rates were as follows: Chile (X% per year) and Argentina (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2023, rising by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2023, the export prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Peru ($X per ton) and Argentina ($X per ton), while Bolivia ($X per ton) and Chile ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the other leaders experienced a decline in the export price figures.

Silver Imports

Imports in Latin America and the Caribbean

After two years of growth, supplies from abroad of silver including silver plated with gold or platinum decreased by X% to X tons in 2023. In general, imports showed a deep setback. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2023, imports remained at a lower figure.

In value terms, silver imports reduced to $X in 2023. Overall, imports continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2023, imports remained at a lower figure.

Imports by Country

Mexico was the largest importing country with an import of about X tons, which resulted at X% of total imports. Brazil (X tons) held the second position in the ranking, followed by the Dominican Republic (X tons), El Salvador (X tons) and Argentina (X tons). All these countries together took near X% share of total imports. Guatemala (X tons) and Nicaragua (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Nicaragua (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Brazil ($X) and the Dominican Republic ($X) appeared to be the countries with the highest levels of imports in 2023, together comprising X% of total imports. El Salvador, Argentina, Guatemala and Nicaragua lagged somewhat behind, together accounting for a further X%.

Nicaragua, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Latin America and the Caribbean amounted to $X per ton, rising by X% against the previous year. Import price indicated a buoyant expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, silver import price increased by X% against 2016 indices. The pace of growth was the most pronounced in 2014 when the import price increased by X%. The level of import peaked in 2023 and is likely to see steady growth in the immediate term.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform