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Countries with Silver production around the world

Silver is a chemical element with the symbol Ag and atomic number 47. It has the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. Silver is a relatively soft, white, shiny metal which can be found in Earth’s crust in its pure elemental form, as an alloy with gold and other metals, and in minerals like argentite. It is mostly extracted from lead-zinc, copper, gold and copper-nickel ores and a by-product of mining for these metals. Mexico produces the most silver in the world, mining 173 million ounces, or about 20% of global supply. Mexico produces one-fifth of global supply. This scale gives the country an outsized role in a market already facing a fifth straight annual deficit. Peru and China are the key runners up, and their combined scale highlights how supply depends on a small group of major mining countries.

Silver is a precious metal and has several uses. Sterling silver, which is 92.5% silver, is used for jewelry and silver tableware. Thanks to its reflectivity, silver is also used to make mirrors. The metal also has uses in photography and x-ray films, as silver bromide and iodide have a high sensitivity to light. Silver salts are still used in digital photography to produce high-quality images. Other uses include solar panels, water filtration, ornaments, electrical contacts and conductors, and as a colorant in stained glass. For investors, silver offers exposure to both industrial growth and precious-metal demand. In addition, production concentration can support prices when supply disruptions hit major mining regions. The Silver Institute contributes to the United Nations’ Sustainable Development Goals by responsibly producing silver, which can be used in renewable energy and electric vehicles. The metal also has anti-bacterial properties which can be used in water treatment, medical applications and textiles.

Global production spans every major region, yet output remains clustered in a few mining economies. This puts major producers in focus for investors tracking opportunities and supply risks. At the same time, markets have tightened as demand has outpaced supply. For the fifth straight year, global supply has run a deficit. Existing producers are under pressure while new sources of supply may present opportunities for early investment. Silver is also used in currency many bullion coins, sometimes with gold. It has also been regarded as a store of value for more than 4,000 years. The silver standard is a monetary system in which the national currency is backed by physical silver. The silver standard allows units of the national currency to be converted into units of silver at a fixed exchange rate. The purpose of the silver standard is to ensure a national currency’s purchasing power is maintained. The silver standard has been abandoned by all countries that used it, ending with China and Hong Kong who rid of the system in 1935. All countries switched to the gold standard, which was later abandoned by most countries later in the 20th century.

In 2025, Mexico mined 173 million ounces, or about 20% of global output, making it the world’s top producer. Following are the country wise details:-

Country Region Million ounces

Mexico North America 173

Peru South America 131

China Asia 113

Russia Europe 56

Bolivia South America 50

Chile South America 43

Poland Europe 43

United States North America 36

Australia Oceania 33

Argentina South America 22

India Asia 20

Kazakhstan Asia 17

Sweden Europe 14

Morocco Africa 12

Uzbekistan Asia 11

Canada North America 10

Indonesia Asia 9

Iran Middle East 4

Spain Europe 4

Papua New Guinea Asia 4

Others - 45

Global Total - 847

Source: The Silver Institute: World Silver Survey 2026

Peru ranked second with 131 million ounces, followed by China with 113 million ounces. Taken together, North and South America lead the world with 219 and 246 million ounces, respectively. The estimated global silver production in 2019 was about 27,000 metric tons. According to the Silver Institute, the global mine production fell for the fourth year in a row in 2019 by 1.3% and primary silver production declined by 3.8%. The largest declines were in Peru, followed by Mexico and Indonesia. Some countries, however, saw increases in production, such as Argentina, Australia and the US. Year wise production of different countries is given below:-

Country 2024 2023 2022 2021

United States 1.1K 1K 1K 1K

Sweden 400 404

Russia 1.2K 1.2K 1.3K 1.3K

Poland 1.3K 1.3K 1.3K 1.3K

Peru 3.1K 3.2K 3.1K 3.3K

Mexico 6.3K 6.3K 6.2K 6.1K

Kazakhstan 1K 985 1.1K

India 800 813 694 610

China 3.3K 3.4K 3.5K 3.5K

Chile 1.2K 1.3K 1.3K 1.3K

Canada 300 306