In the last article, I wrote about the top 5 gold exporters in the world. Now it is time to look at the top 5 exporters of another one of worlds precious metals – silver. Last year the total sales from global silver exports reached $19.5 billion. The top 5 exporters made up around 49% of the worldwide silver exports in 2017. So let’s take a look of the countries in the top 5.
Hong Kong, officially known as Hong Kong Special Administrative Region of the People’s Republic of China is the top silver exporter of silver with exports worth $3.1 billion or 16% of the total in 2017. Hong Kong has the 33rd largest economy in the world at $341 billion and 16th per capita at $46,193. Hong Kong is the 2nd largest foreign exchange market in Asia and 4th largest in the world in 2016 with a daily average turnover of forex transaction reaching $437 billion, according to the Bank for International Settlements.
Mexico, officially the United Mexican States is the second largest exporter of silver in the world with exports worth $2 billion in 2017, 10.2% of the world total. Mexico has the 15th largest economy in the world at $1.1 trillion and 11th concerning largest population. Mexico was worlds 13th largest exporter in 2017 with 81% of the exports going to their neighbour – the United States.
Germany is the third on the list of the largest silver exporters with a total value of $1.5 billion exported in 2017, 7.6% of the world total. Germany is the 4th largest economy in the world and most significant in Europe at $3.6 trillion. Germany’s biggest exports are motor vehicles, machinery, and pharmaceuticals.
China, officially the People’s Republic of China is the fourth largest exporter of silver with total exports of around $1.45 billion which is 7.4% of the world total in 2017. China is the world’s 2nd largest economy, just behind the US and is expected to overtake the North American nation in the coming years. China’s biggest exports are electrical machinery, furniture, and clothing.
With total exports of $1.43 billion in 2017, Japan is the fifth largest silver exports in the world, that’s around 7.4% of the world total. Japan has the 3rd largest economy in the world at $4.8 trillion. Japan’s most prominent exports include vehicles, machinery, and iron.
By Klāvs Valters
This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.
Sources: Go Markets MT4, Google, Datawrapper