Silver, a metal cherished for over 5,000 years, continues to be integral in various applications, from jewelry and coins to industrial uses. Drawing from The Silver Institute’s World Silver Survey 2024, this article delves into the factors driving silver demand and ranks the leading silver-producing countries in 2023.
The Dynamics Behind Silver Mining
Recent years have seen a steady increase in silver’s industrial demand, particularly in its roles as a brazing alloy, solder, and in electronics. Between 2022 and 2023, the industrial demand for silver grew by 11%, primarily driven by its essential function in solar photovoltaics, where the demand surged by an impressive 64%.
Despite this growth in industrial usage, total silver production saw a slight decline in 2023, dropping by 1%. This decrease is largely due to reduced demand for silver in jewelry and silverware, which fell by 13% and 25%, respectively.
Silver Production by Country in 2023
In 2023, global silver mining produced over 831 million ounces (Moz) of silver. Here’s how production was distributed among the top silver-producing countries:
| Rank | Nation | Mined Silver (Moz) | Share (%) |
|---|---|---|---|
| 1 | Mexico | 202 | 24% |
| 2 | China | 109 | 13% |
| 3 | Peru | 107 | 13% |
| 4 | Chile | 52 | 6% |
| 5 | Bolivia | 43 | 5% |
| 6 | Poland | 43 | 5% |
| 7 | Russia | 40 | 5% |
| 8 | Australia | 34 | 4% |
| 9 | United States | 32 | 4% |
| 10 | Argentina | 26 | 3% |
| 11 | India | 24 | 3% |
| 12 | Kazakhstan | 17 | 2% |
| 13 | Sweden | 13 | 2% |
| 14 | Indonesia | 10 | 1% |
| 15 | Morocco | 9 | 1% |
| 16 | Rest of World | 71 | 8% |
| Global Total | 831 | 100% |
In 2023, Mexico, China, and Peru emerged as the top three silver producers, collectively accounting for over half of the world's silver production. Mexico alone produced 202 Moz of silver, making up 24% of the global share.
The growing importance of silver in modern technologies has spurred increased production in several countries. For instance, Chile saw a 24% rise in silver production between 2022 and 2023, while Papua New Guinea's output increased by a remarkable 42%.
As the demand for silver continues to evolve, these trends highlight the dynamic nature of silver mining and its critical role in the global economy.
