PRODUCT CLASSIFICATION
Silver, in its unwrought forms, is a precious metal renowned for its conductivity, malleability, and antimicrobial properties. Beyond its role in jewelry and decorative arts, silver is widely used in industrial applications such as electronics, solar panels, medical instruments, and chemical catalysts, making it a cornerstone material across multiple sectors.
From a trade perspective, silver in unwrought forms falls under HS Code 7106, which covers silver in raw shapes including bars, ingots, and powder. This classification highlights silver’s dual identity: both as a luxury commodity and as a critical industrial input with global demand.
The global silver market is valued in the tens of billions of dollars, with demand driven by both investment (bullion and coins) and industrial consumption. Growth prospects are tied to renewable energy expansion, particularly photovoltaic cells, as well as rising demand for electronics and medical devices.
However, production faces challenges from environmental concerns and geopolitical risks in mining regions. Silver extraction often occurs alongside lead, zinc, and copper mining, raising sustainability issues. Technological advances in recycling and alternative materials are helping to mitigate these risks, but supply volatility remains a factor.
Regionally, Mexico, Peru, and China dominate silver mining, while major trading hubs include Switzerland, the United States, and Hong Kong. Europe maintains steady demand, with Germany and the UK serving as key importers for industrial use.
Silver in unwrought forms has a Product Complexity Index (PCI) of -2.05, ranking 3,016th out of 3,226 products in 2023, reflecting its relatively low complexity compared to manufactured goods but high strategic importance in global trade.
EXPORT
In 2023, the main exporters of Silver in unwrought forms were:
- Mexico – $2.94B
- Hong Kong – $2.65B
- United States – $1.89B
Countries with the highest share of silver in their export portfolios included:
- Mexico – 1.24%
- Hong Kong – 0.91%
- Bolivia – 0.85%
IMPORT
In 2023, the main importers of Silver in unwrought forms were:
- United States – $3.36B
- India – $2.94B
- United Kingdom – $1.65B
Countries with the highest share of silver in their import portfolios included:
- Hong Kong – 0.73%
- Switzerland – 0.54%
- United States – 0.23%
CURIOSITY CORNER: SILVER OF TAXCO, MEXICO
The town of Taxco, nestled in the mountains of Guerrero, Mexico, is world-famous for its silver craftsmanship. Known as the “Silver Capital,” Taxco combines centuries-old artisanal traditions with modern design. Local artisans transform unwrought silver into jewelry, decorative objects, and religious artifacts, blending indigenous motifs with contemporary aesthetics.
Every November, Taxco hosts the Feria Nacional de la Plata (National Silver Fair), where workshops, exhibitions, and competitions celebrate the artistry of silver. This cultural event not only supports local identity but also strengthens Mexico’s reputation as a global leader in silver production and craftsmanship.
CONCLUSION
Silver is more than a precious metal. It is a global trade product that connects industries, cultures, and economies. From large-scale exports in Mexico and Hong Kong to the artisanal excellence of Taxco, silver embodies both tradition and innovation.
Rising demand from renewable energy, sustainability challenges in mining, and technological advances in recycling will continue to shape its future, making silver a fascinating example of how a raw material can drive commerce and identity worldwide.
