Mexico, the People’s Republic of China and Peru were the largest silver producing countries in the world in 2024.
In that year, Mexico produced 22.7% of silver mining production and remained for 16 consecutive years as the global leader in this indicator.
The British consulting firm Metals Focus carried out the ranking, which was included in the World Silver Study 2025, published by the Silver Institute, and some of its data were referred to this Friday by the Association of Mining Engineers, Metallurgists and Geologists of Mexico (AIMMGM).
Silver producing countries
In the past, silver symbolized wealth and spirituality, present in jewelry, coins and religious objects.
Today, it acts as an invisible engineer in solar panels, telephones and computers, improving their performance thanks to its conductivity.
In the future, silver will be a silent healer, used in medicine and water purification for its antimicrobial properties.
The following are the top silver-producing countries in 2024, in million ounces and year-on-year growth rates:
- Mexico: 185.7 (+2 percent)
- China: 110.1 (-1 percent).
- Peru: 108.0 (-1 percent).
Industrial demand
Silver is essential for sectors such as electronics, renewable energy and photography. It also has important uses in industrial applications.
According to the World Silver Survey 2025, global production rose 0.9% in 2024. Thus, it reached 819.7 million ounces.
On the other hand, the North American region showed a growth of 4.2%. Within this area, Mexico stood out with the largest increase in volume.
By 2025, a 1.9% increase in world mining supply is expected. Mexico will be the main driver. This is due to key projects such as Juanicipio and Terronera, which will strengthen its production capacity.
Likewise, industrial silver demand grew 4% in 2024. This advance was driven by the boom in green technologies, including electric transportation and solar energy.
Silver is a commodity with a global presence. It is traded in the world’s major commodity markets. In addition, its price is determined internationally.
Generally, silver follows a similar trend to gold. However, it also exhibits unique market behavior. This is due to its strong industrial demand, which is much higher compared to gold.