Silver Supply Struggles Amid Growing Demand

Silver mine output has faced a downward trend for almost a decade. In 2016, production peaked at 900.1 million ounces. Demand has consistently surpassed supply for the last three years, and the Silver Institute forecasts another market deficit in 2024. This situation is largely driven by soaring industrial demand, particularly from the solar energy industry.

Interestingly, only 20 to 30 percent of the world’s silver supply originates from primary silver mines. The vast majority, about 70–80 percent, comes from mining other metals like copper, lead, and zinc.

Leading Silver Producers in 2023

Here are the top 20 silver-producing countries according to 2023 data from the Silver Institute:

1. Mexico – 202.2 million ounces
2. China – 109.3 million ounces
3. Peru – 107.1 million ounces
4. Chile – 52 million ounces
5. Bolivia – 42.6 million ounces
6. Poland – 42.5 million ounces
7. Russia – 39.8 million ounces
8. Australia – 34.4 million ounces
9. United States – 32 million ounces
10. Argentina – 26 million ounces
11. India – 23.8 million ounces
12. Kazakhstan – 16.6 million ounces
13. Sweden – 12.6 million ounces
14. Indonesia – 10.3 million ounces
15. Morocco – 8.8 million ounces
16. Uzbekistan – 7.7 million ounces
17. Canada – 7.1 million ounces
18. Papua New Guinea – 4.3 million ounces
19. Spain – 3.7 million ounces
20. Brazil – 3.3 million ounces