Silver: Criticality

Why the US added silver to its critical list

What this tab covers How exposed economies are to a supply disruption: the EU, US and India listings, the concentration score, and a quantified exposure for the US, EU, India, China, Japan, Latin America, the Middle East and Australia. Where the EU scored it, a chart of supply risk against economic importance, with import reliance, recycling input and substitutes.

Exposure by region

Region	Exposure	Share of world output	Share of world imports	Share of world exports	Net trade (US$)	On own critical list	Position
US	High	3.9%	16.0%	4.2%	−$3.74 bn	Yes	Net importer with 77% import reliance in 2025, silver was added to the US critical minerals list in November 2025, and COMEX vaults held about 15,000 t at end-2025 (USGS MCS 2026).
EU	Low	7.5%	9.9%	17.0%	+$2.38 bn	No	Not on the EU critical list; Poland's KGHM is the main producer (1,300 t, 2025e, USGS) and the end-of-life recycling input rate is 4% (EU CRM 2023).
India	High	2.6%	20.3%	1.3%	−$6.02 bn	No	World's largest importer: 7,335 t worth about $12 billion in FY2025-26 against mine output of about 800 t (USGS 2025e); import duty rose to 15% in May 2026.
China	Low	12.6%	4.7%	11.7%	+$2.32 bn	No	Third-largest miner (3,400 t, 2025e, USGS) and a net exporter in 2024, with 11.7% of world export value (UN Comtrade).
Japan	Low	0.0%	4.6%	4.6%	+$47.2 m	No	Net importer for electronics and catalysts: 2,260 t worth $1.45 billion imported in 2024 (UN Comtrade).
Latin America	Low	53.9%	0.8%	11.3%	+$3.40 bn	no list	The core supply region: Mexico (6,300 t), Peru (3,600 t), Bolivia (1,500 t), Chile (1,400 t) and Argentina (800 t) mined over half of world output in 2025e (USGS).
Middle East	Low	0.4%	0.5%	0.0%	−$152.4 m	no list	No significant mining; the UAE is a trading and refining route to India but does not report to UN Comtrade, so its flows are not in the trade shares.
Australia	Low	3.9%	1.0%	1.3%	+$96.9 m	No	Mid-sized by-product producer (1,000 t, 2025e) with large reported reserves of 91,000 t, of which 22,000 t JORC-compliant (USGS).

Exposure rating: High when the region is a net importer whose import share is at least three times its share of world output (or, for farm goods, it produces under 70% of what it consumes); Medium for other net importers (or 70-95% self-sufficiency), raised to High when world supply is highly concentrated in another country; Low for net exporters or self-sufficient regions. Net importer status uses tonnage where reported, otherwise value. Output: World Mining Data, 2024. Trade: UN Comtrade 2024 (EU = sum of member states, including intra-EU trade). Critical lists: US 2025, EU 2024/1252, India 2023, China 2016 strategic minerals, Japan METI, Australia 2024.

The US added silver to its critical minerals list in 2025 under a revised USGS methodology. The EU does not class it as critical: supply risk is 0.8, though economic importance is high at 4.6. India's 2023 list omits it. The main risk is companionality. Over 70% of supply depends on lead, zinc, copper and gold mining, so output cannot rise quickly when solar or electronics demand grows. Substitutes exist in photography, mirrors, flatware, surgical pins and some batteries, but there is no easy replacement for silver's conductivity in electronics and solar cells.

EU 2023 Not critical US 2025 list Yes India 2023 list No Production HHI 1,205 unconcentrated

EU 2023 assessment

Chart: EU 2023 criticality: supply risk against economic importance

Each dot is a material assessed by the EU in 2023. The shaded corner is the critical zone (supply risk ≥ 1.0, economic importance ≥ 2.8). Silver: supply risk 0.8, economic importance 4.6. EU import reliance, extraction 5% EU recycling input rate 4% US net import reliance, 2025 77% share of apparent consumption

Substitutes

Digital imaging for photography; stainless steel, tantalum and titanium in surgical uses and flatware; aluminium and rhodium in mirrors; non-silver batteries