Mexico mined 173 million ounces of silver in 2025, roughly 20 percent of the 847 million ounce global total, which places a single country at the center of a market running its fifth consecutive annual supply deficit.

Peru ranked second at 131 million ounces, followed by China at 113 million ounces. Those three producers together accounted for about 49 percent of world output. Russia contributed 56 million ounces, Bolivia 50 million, and Chile and Poland 43 million each. The United States mined 36 million ounces, placing eighth on the list, ahead of Australia at 33 million ounces and Argentina at 22 million ounces.

Grouped by region, South America produced 246 million ounces and North America produced 219 million ounces, making the Americas the dominant supply base for the metal. Smaller producers filled out the remainder, with Kazakhstan at 17 million ounces, Sweden at 14 million, Morocco at 12 million, Uzbekistan at 11 million, and Canada at 10 million. Countries outside the top 20 combined for 45 million ounces.

The concentration matters because demand has outpaced mine supply for five straight years. Output clusters in a small group of mining economies, which means a disruption at a major operation in Mexico or Peru carries an outsized effect on available metal. Silver supply also depends heavily on byproduct output from copper, lead, and zinc mines, so production levels respond to conditions in those markets as well as to the silver price itself.

The underlying production figures come from the Silver Institute World Silver Survey 2026.

Source: Visual Capitalist - https://elements.visualcapitalist.com/ranked-which-countries-produce-the-most-silver/