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Silver Ore Imports Decline in March 2025 but Rise in Q1 Amid Tariff Disputes

Published: Apr 21, 2025 16:26
According to customs data, silver ore imports in March 2025 reached 96,400 mt, down 20.5% MoM and 0.6% YoY. In Q1 2025, cumulative silver ore imports totaled approximately 462,000 mt, up 10.18% YoY from Q1 2024. By country, Peru, Mexico, Bolivia, Mongolia, and Spain were the main sources of silver ore imports in March. Looking ahead to Q2, amid global tariff disputes, China imposed counter-sanction tariffs on the US in early April. However, with silver ore imports from the US accounting for only about 1.3% in 2024, the impact is expected to be relatively small.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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