Global demand for silver is expected to reach 1.2 billion ounces in 2024, making it the second highest level on record for the precious metal.
Strong industrial production is a major catalyst for the growing global demand for silver, and the sector is expected to reach a new annual high this year, according to what the Silver Institute stated in a recently issued report.
The importance of silver increases every day in the era of the Fourth Industrial Revolution because it is included in a large and important number of industries produced by this revolution because of its high ability to conduct electricity and heat, which is unmatched by any other metal.
About 50% of the silver in the world today is used in heavy industry and high technology, including semiconductors, smartphones, tablets, automobile electrical systems, solar panel cells, nuclear reactors, batteries, dentistry, photography, and LG chips. ID, RFID chips (for tracking packages and shipments around the world) and many other industrial products and applications, according to the World Silver Survey, which the Silver Institute calls the indispensable metal.
As a result, global demand for silver has increased, and according to the 2024 World Silver Survey, for the third year in a row, the demand for silver exceeds its supply in the market, noting that the global market deficit decreased by 30% from its highest level ever last year.
Expectations for the year 2024 indicate a widening of the gap between supply and demand by 17%, thanks to the continued growth in industrial demand and the recovery of the jewelry industry. Industrial demand is expected to rise by 9% this year to reach a new record level, according to the previous source.
The 10 largest silver producing countries in the world
The following is an overview of the most important silver producing countries for the year 2022, according to what was reported by the “Investing News Network” platform, based on data issued by the US Geological Survey:
– Mexico: 6,300 metric tons
– China: 3,600 metric tons
– Peru: 3,100 metric tons
– Chile: 1,600 metric tons
– Australia: 1,400 metric tons
– Poland: 1,300 metric tons
– Bolivia: 1,300 metric tons
– Russia: 1,200 metric tons
– United States: 1,100 metric tons
The 10 largest silver exporting countries in the world
The following is a list of the largest countries exporting silver in the world in 2022, estimated in US dollars, according to what the previous source mentioned. Note that some of these countries are not major producers, but depend on re-exports and transit trade, such as Hong Kong, for example but not limited to:
– China: $3.75 billion
– United Kingdom: $3.2 billion
– Mexico: $2.49 billion
– Germany: $1.75 billion
– United States: $1.69 billion
– South Korea: $1.69 billion
– Switzerland: $1.66 billion
– Japan: $1.6 billion
– Kazakhstan: $1.55 billion
– Hong Kong: $1.31 billion
The 10 largest silver importing countries in the world
– United States: $5.81 billion
– Canada: $3.77 billion
– Hong Kong: $2.95 billion
– United Kingdom: $2.33 billion
– Türkiye: $1.95 billion
– Switzerland: $1.84 billion
– Germany: $1.82 billion
– India: $1.32 billion
– Japan: $1.24 billion
– China: $1.1 billion
(Al Jazeera Net)
