Updated Oct 16, 2022 23:03

Silver Market in the United States

Market Overview
The U.S. silver market rose remarkably to $ in , surging by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a temperate expansion from 2007 to : its value increased at an average annual rate of +% over the last fourteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2019 indices. Over the period under review, the market attained the maximum level in and is expected to retain growth in the immediate term.

In value terms, silver production skyrocketed to $ in . In general, production enjoyed a measured increase. The growth pace was the most rapid in 2012 when the production volume increased by % against the previous year. Silver production peaked at $ in 2018; however, from 2019 to , production failed to regain momentum.


Consumption
Silver consumption in the United States reached tons in , picking up by % on the previous year's figure. Over the period under review, the total consumption indicated a perceptible expansion from 2007 to : its volume increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption decreased by -% against 2018 indices. Silver consumption peaked at tons in 2018; however, from 2019 to , consumption remained at a lower figure.

The revenue of the silver market in the United States reached $ in , surging by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a measured increase from 2007 to : its value increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2019 indices. Silver consumption peaked in and is likely to continue growth in the near future.


Market Forecast
Driven by increasing demand for silver in the United States, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Silver market in the United States consists almost entirely of imported products. In recent years, import price have increased sharply. Despite the hike in price, the United States relies completely on foreign supplies: the volume of domestic output remains insufficient to satiate market demand. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
The United States remains a net importer of silver; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.