# Silver: Movement

How India became the world's top silver buyer

Source page: https://www.materialinsights.org/commodities/silver/movement/

How India became the world's top silver buyer What this tab covers How it flows between countries: the largest bilateral trade routes drawn on a world map, 2024 UN Comtrade export and import values with the top exporters and importers by share, plus shipping routes, chokepoints and trade restrictions.

World trade in silver (HS 7106) was about $32 billion in 2024. Exports were led by Hong Kong (13.6%), China (11.7%), the UK (11.1%) and Mexico (8.0%); imports by India (20.3%), the US (16.0%), the UK (13.6%) and Hong Kong (12.8%). Mexico is the largest miner but only the fourth exporter of refined metal, because much silver leaves inside base-metal concentrates. India's large share reflects jewellery, investment and industrial demand. US net import reliance was 77% in 2025, and Mexico supplied 47% of US imports in 2021-24. Bars move by air between London, New York, Zurich and Asia.

#### Main trade routes, 2024

Chart: World map of the largest trade flows
 Exporter (size = share of world exports) Importer (share of world imports) Largest bilateral flows (width = value) Shipping chokepoint UN Comtrade 2024, reported exports by the top four exporters of each traded form to their partners (US$). Bubbles: shares of reported world exports and imports for the main traded form. Hover a line or circle for values.

#### Silver · HS 7106
 World exports 2024 $32.5 bn sum of 40 reporting countries World imports 2024 $31.7 bn sum of 40 reporting countries Top exporters, share of value Hong Kong 13.6% China 11.7% United Kingdom 11.1% Mexico 8% Germany 6.9% South Korea 6.1% Top importers, share of value India 20.3% United States 16% United Kingdom 13.6% Hong Kong 12.8% China 4.7% Japan 4.6% UN Comtrade, reporter declarations to the world, US$. Exports and imports are reported separately, so totals differ. Re-exporting hubs (Netherlands, Singapore, Switzerland, UAE) can appear large.

## Other sections

- [Summary](https://www.materialinsights.org/commodities/silver/index.md)
- [Overview](https://www.materialinsights.org/commodities/silver/overview/index.md)
- [Correlation](https://www.materialinsights.org/commodities/silver/correlation/index.md)
- [Extraction](https://www.materialinsights.org/commodities/silver/extraction/index.md)
- [Production](https://www.materialinsights.org/commodities/silver/production/index.md)
- [Stocks](https://www.materialinsights.org/commodities/silver/stocks/index.md)
- [Cycles](https://www.materialinsights.org/commodities/silver/cycles/index.md)
- [Trading](https://www.materialinsights.org/commodities/silver/trading/index.md)
- [Criticality](https://www.materialinsights.org/commodities/silver/criticality/index.md)
- [Characteristics](https://www.materialinsights.org/commodities/silver/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/commodities/silver/emissions/index.md)
- [Relationships](https://www.materialinsights.org/commodities/silver/links/index.md)