World silver production was 830 million ounces in 2023, a year-on-year drop of 0.7 percent.
According to the Mexican Chamber of Mines (Camimex), this decline was due to falling production in Mexico, Argentina, Australia, China and Russia.
But these losses were partly mitigated by increased supply from Chile and Bolivia.
World silver production
Of total world silver mine production in 2023, Mexico had a 24.3 percent share, followed by China (13.2 percent) and Peru (12.9 percent).
These are some of the characteristics of this metal, according to Golden Minerals Company:
- Silver has traditionally served as a medium of exchange, as has gold.
- Silver’s strength, malleability, ductility, thermal and electrical conductivity, sensitivity to light, and ability to withstand extreme temperature changes combine to make it a widely used industrial metal.
- While silver continues to be used as a form of investment and financial asset, the main uses of silver are industrial, primarily in electrical and electronic components, photography, jewelry, silverware, batteries, computer chips, electrical contacts and high-tech printing.
- Silver’s antibacterial properties also make it valuable for use in medicine and water purification.
- In addition, the use of silver in the photovoltaic and solar panel industries is growing rapidly, and new uses of silver are being developed in connection with the use of superconducting wires and radio frequency identification devices.
Mines
Primary silver production fell to 235.2 million ounces, down from 236.5 million ounces in 2022.
Respectively, lead/zinc and copper mine supply increased 1% to 255.8 million ounces, and 3.9% to 221.4 million ounces.
Mine production fell 12.2% in 2023 to 113.8 million ounces.
By region, Latin America is by far the largest silver producer, contributing more than half of the world total (53.3%), followed by Asia (including China) with 27.1 percent.
Segmented by country, five countries account for around 62% of world production.