Silver in powder, unwrought or semi-manufactured forms market in Spain

Earlier Report Observations

Between 2018 and 2020, Spain's imports of silver in powder, unwrought or semi-manufactured forms grew from 311 t to 497 t, while exports fluctuated between 248 t and 341 t. This established a base level of trade activity preceding more pronounced market changes.

The domestic market volume surged to 876 t in 2021 but then contracted significantly to 343 t in 2022 before recovering to 430 t in 2023. In value terms, the market stabilized at approximately $170 million in 2022 and 2023, down from $232.9 million in 2021, indicating a period of adjustment in both physical volume and monetary value.

In 2024, imports declined to 496 t and exports fell to 337 t, resulting in a higher net import volume. This was underpinned by rising industrial demand, particularly from Spain's photovoltaic sector where installations surpassed market expectations and from the automotive industry due to increased use of electronic components and investment in charging infrastructure. A post-pandemic recovery in electronics consumption and the rollout of AI applications also contributed to demand for silver in manufacturing processes.

Production silver in powder, unwrought or semi-manufactured forms in Spain

According to Faostat, there is no production of silver in powder, unwrought or semi-manufactured forms in Spain.

Exports silver in powder, unwrought or semi-manufactured forms from Spain

Exports in kind, t

After two consecutive years of decline, Spain's exports of silver in powder, unwrought or semi-manufactured forms rebounded in 2020. That year, exports reached 341.3 tonnes, marking a significant 37.7% increase compared to 2019. Looking at the broader period from 2017 to 2020, exports experienced an overall decrease of 2.1%, which translates to an average annual decline of 0.7%. The lowest export volume was recorded in 2019 at 247.9 tonnes. The most substantial year-on-year drop occurred in 2018, when exports fell by 16.1%.

Annual dynamics of product's exports from Spain in kind, 2017-2020, t

Between 2017 and 2020, three key markets—the United Kingdom, Italy, and Morocco—collectively accounted for 54.8% of Spain's total exports of silver in powder, unwrought or semi-manufactured forms.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Spain in kind, 2017-2020

Exports in value, M $ US

The data reveals irregular changes, indicating a volatile market environment. Export values reached their lowest point in 2019 and peaked in 2020, with the peak value being 2.8 times higher than the low. In 2020, Spain exported silver in powder, unwrought or semi-manufactured forms worth 147.7 million US dollars, showing a steep year-on-year rise of 178.7%. The minimum value was recorded in 2019 at 53.0 million US dollars. The largest decline occurred in 2018, when export value dropped by 60.9%.

Annual dynamics of product's exports from Spain in value, 2017-2020, M $ US

From 2017 to 2020, the United Kingdom, Italy, and France were the main buyers of Spain's silver in powder, unwrought or semi-manufactured forms in value terms. The United Kingdom accounted for 41.3% of export value, Italy for 18.1%, and France for 12.1%. Together, these three markets comprised 71.5% of Spain's total export value for this product.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Spain in value, 2017-2020

Imports silver in powder, unwrought or semi-manufactured forms to Spain

Imports in kind, t

Spain's imports of silver in powder, unwrought or semi-manufactured forms increased for the second consecutive year in 2020. That year, imports amounted to approximately 496.8 tonnes, which is 48.7% higher than the previous year. Over the period from 2017 to 2020, imports grew by 8.8%, equating to an average annual increase of 2.8%. The lowest import volume was recorded in 2018 at 311.2 tonnes. The most significant decline also occurred in 2018, when imports fell by 31.9%.

Annual dynamics of product's imports to Spain in kind, 2017-2020, t

Throughout the 2017–2020 period, Italy, Germany, and the United States remained the key partners for Spain's imports of silver in powder, unwrought or semi-manufactured forms in volume terms. Italy accounted for 40.9% of import volume, Germany for 25.6%, and the United States for 20.1%. Together, these three countries represented 86.7% of Spain's total import flows for this product.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Spain in kind, 2017-2020

Imports in value, M $ US

The market exhibited an unstable trend throughout the timeframe. Import values dropped to their lowest point in 2019 and rose to a high in 2020, with the 2020 value being 1.8 times higher than the 2019 low. In 2020, Spain imported approximately 99.8 million US dollars worth of silver in powder, unwrought or semi-manufactured forms, constituting a sharp rise of 82.7% compared to the previous year. The minimum value was recorded in 2019 at 54.6 million US dollars. The largest decline occurred in 2018, when import value fell by 38.6%.

Annual dynamics of product's imports to Spain in value, 2017-2020, M $ US

In the 2017–2020 period, three principal markets—Italy, Germany, and the United States—together accounted for 77.2% of Spain's total import value for silver in powder, unwrought or semi-manufactured forms.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Spain in value, 2017-2020