Chinese Customs Releases Silver Data from January to October 2024: The Most Massive Silver Surge on Record
Silver Market Update
China's silver trade has shown significant growth from January to October 2024, according to data released by Chinese Customs.
The total trade volume reached $9.567 billion, marking a 21.4% increase compared to the previous year.
Notably, imports accounted for $5.998 billion, reflecting a robust 29.4% rise in demand.
During this period, China imported 1.406 million tons of silver concentrate, which represents a 4.6% increase.
The primary suppliers were Peru, Mexico, and Bolivia, together contributing 76.4% of the total imports.
Additionally, silver powder imports totaled 2,501.5 tons, up by 18.5%, with photovoltaic silver powder seeing a remarkable surge of 46.3% compared to 2023.
The rising demand for silver is largely driven by the solar and Electric Vehicle industry. Photovoltaic cells are transitioning from P-type to N-type technology, increasing silver usage significantly.
It is projected that the total silver consumption for photovoltaics in China will exceed 6,000 tons this year, underscoring the material's critical role in renewable energy advancements
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