In 2023, China's silver ingot export volume was 4,066 tons, a year-on-year increase of 3.9%. The export volume of semi-finished silver with a purity of ≥99.99% was 0.213306 tons, a year-on-year decrease of 64%; the export volume of unwrought silver with a purity of ≥99.99% was 4065.870122 tons, a year-on-year increase of 3.9%.
China’s silver ingots exported under the heading of processing trade with imported materials in 2023 (including exports of semi-finished silver with a purity of ≥99.99% and unwrought silver with a purity of ≥99.99%) was 3881.253135 tons, a year-on-year increase of 25.4%; China's silver ingot exports under the heading of general trade (including exports of semi-finished silver with a purity of ≥99.99% and exports of unwrought silver with a purity of ≥99.99%) were 36.504796 tons, a year-on-year reduction of 91.3%.
The reasons for this data include: 1. The price increase of domestic silver exceeded the price increase of foreign silver, and the price difference between domestic and foreign silver narrowed. The profits from exporting through general trade were reduced, so the exports become smaller in the form of "general trade". 2. Domestic demand for imported ores increased. Silver is associated with the production of lead, copper and zinc. The market increases imports of minerals to increase domestic production. At the same time, due to the objective factors of price differences, the silver contained in raw ores needs to be processed and exported. Therefore, the export volume of silver ingots under the heading of "incoming processing trade” increased.
As the price of domestic silver continues to rise in 2024 and the price difference between domestic and foreign silver further narrows, it is expected that silver exports will decline in 2024.
