Ranked: Which Countries Produce the Most Silver?

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2 hours ago

June 11, 2026

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Cody Good

Graphics & Design

Abha Patil

This graphic shows a silver bar that breaks down silver production by country in million ounces. Mexico leads with the most silver production of 173 million ounces, followed by Peru with 131 million ounces and China with 113 million ounces.

Ranked: Which Countries Produce the Most Silver?

Key Takeaways

Mexico produces the most silver in the world, mining 173 million ounces, or about 20% of global supply.
Peru and China are the key runners up, and their combined scale highlights how supply depends on a small group of major mining countries.

Mexico is the world’s top silver producer, mining 173 million ounces, or about one-fifth of global supply. That scale gives the country an outsized role in a market already facing a fifth straight annual deficit.

This graphic, in partnership with Global X Canada, is the first of three graphics in the Investing in Silver series. It shows which countries produced the most silver in 2025.

Mexico Leads with the Most Silver Production

In 2025, Mexico mined 173 million ounces, or about 20% of global output, making it the world’s top producer.

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.

Production Hubs and Supply Risks

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.

Investing in Silver

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.

As supply deficits persist, Global X Canada’s ETFs can help investors access commodities without choosing individual miners.

To learn more, explore the Global X Silver Miners Index ETF (SLVX) as demand rises, supporting a long-term growth opportunity.

See how SILVX offers potential upside through rising prices and operational growth within the silver sector.

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