2025 Peru Silver (HS 7106) Export: Sharp Volatility

Key Takeaways

Silver products, classified under HS Code 7106 (Silver, unwrought or in semi-manufactured forms; powder), exhibited high volatility from January to November 2025.

• Market Pulse: Export values swung sharply, peaking at $86.46M in June before collapsing 61.9% to $21.34M by November, reflecting commodity-driven instability.
• Structural Shift: Peru Silver products Export relies heavily on Switzerland (33.22% of value), with Brazil and the U.S. as secondary but insufficient buffers against concentration risk.
• Product Logic: HS Code 7106 trade data shows unwrought silver dominates (99.76% of value), with semi-manufactured forms priced 96% lower, highlighting Peru’s role as a raw material supplier.

This overview covers the period from January to November 2025 and is based on verified customs data from the yTrade database.

Peru Silver Products (HS Code 7106) Key Metrics Trend

Market Trend Summary

Analyzing the trends in Peru's Silver products Export under HS Code 7106 from January to November 2025 reveals a volatile trajectory. The year began with a sharp February surge, where export value jumped 98.6% month-on-month to $42.05M, followed by a mid-year peak of $86.46M in June. However, momentum sharply reversed in November, with exports collapsing 61.9% to $21.34M. Overall, the trend demonstrates high volatility rather than consistent growth, with three distinct cycles of expansion and contraction.

Drivers & Industry Context

The volatility aligns with commodity market dynamics and global silver demand fluctuations. The June export value peak of $86.46M coincided with a 29.5% monthly unit price increase to $1,422.27/kg, likely driven by speculative trading or industrial demand spikes. Peru's role as a major silver exporter [OEC] makes it sensitive to these shifts. The November crash to $21.34M reflects either destocking cycles or cooled investor appetite. While no Peru-specific 2025 policy changes for HS 7106 were identified in sources, exporters must monitor the US-Peru Trade Promotion Agreement [USITC HTS] for rules of origin compliance, as these conditions directly impact the value derived from HS Code 7106 shipments.

Table: Peru Silver Products Export Trend (Source: yTrade)

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Peru HS Code 7106 Export Breakdown

Market Composition & Top Categories

According to yTrade data, the dominant export under Peru HS Code 7106 is unwrought silver (HS Code 7106911000), representing 51.57% of the export value from January to November 2025. Another sub-code for unwrought silver (7106912000) accounts for 48.19% of the value, making unwrought forms the overwhelming majority of Peru HS Code 7106 Export. The remaining sub-codes, including semi-manufactured silver and silver powder, contribute less than 1% combined.

Value Chain & Strategic Insights

Unit prices for unwrought silver and powder average between 1143 and 1487 USD per kilogram, signaling high-value raw materials, while semi-manufactured silver trades at just 61 USD per kg due to its lower purity or processed nature. This HS Code 7106 breakdown reveals a commodity market where price sensitivity dominates, driven by global silver benchmarks. The trade structure emphasizes Peru's export of premium raw silver, with minimal value-add stages present.

Table: Peru HS Code 7106) Export Breakdown Details (Source: yTrade)

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Peru Silver Products Destination Countries

Geographic Concentration & Market Risk

Peru's silver products export destinations from January to November 2025 show extreme reliance on Switzerland, which captured 33.22% of total export value. This concentration creates significant market risk, as any demand shift from this single partner would immediately impact Peru's export earnings. The next largest buyers, Brazil and the United States, account for 26.17% and 19.44% of value respectively, but cannot offset Switzerland's dominance.

Purchasing Behavior & Demand Segmentation

Switzerland's trade partners for silver products demonstrate quality-focused demand, with its value ratio (33.22) exceeding its weight ratio (27.02), indicating purchases of higher-margin goods. Conversely, Brazil and the United States show bulk processing patterns with weight ratios surpassing their value shares. The United Arab Emirates and Italy drive fragmented, high-frequency demand through small, repeated orders. This market split offers Peru both margin potential from premium European buyers and volume scale from American hemisphere processors.

Table: Peru Silver Products (HS Code 7106) Top Destination Countries (Source: yTrade)

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Peru Silver Products Buyer Companies Analysis

Buyer Concentration & Market Structure

According to yTrade data, the Peru Silver products buyers market is overwhelmingly dominated by a core group of Key Accounts. This segment, representing 72.27% of the total export value, demonstrates a pattern of stable, contract-based supply chains. These high-volume repeaters are the market's anchor, creating a predictable and concentrated export environment for HS Code 7106.

Purchasing Behavior & Sales Strategy

The consistent, high-frequency purchasing from these major accounts suggests deeply embedded supply relationships, not spot-market trading. This creates a significant concentration risk; losing even one of these key clients would severely impact export volumes. The sales strategy must therefore prioritize relationship management and contract retention with these established partners to maintain market stability throughout 2025.

Table: Peru Silver Products (HS Code 7106) Top Buyers List (Source: yTrade)

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Action Plan for Silver Products Market Operation and Expansion

• Diversify buyer base: Reduce reliance on Switzerland by targeting high-frequency buyers in the UAE and Italy, which show fragmented but stable demand.
• Lock in contracts: Secure long-term agreements with top-tier clients (72.27% of export value) to mitigate volatility from spot-market price swings.
• Optimize logistics: Focus cost-cutting on bulk shipments to Brazil and the U.S., where weight ratios exceed value shares.
• Monitor price triggers: Hedge against silver benchmark fluctuations, especially after the 29.5% June price spike proved unsustainable.
• Audit compliance: Ensure all shipments meet US-Peru Trade Promotion Agreement rules of origin to preserve tariff advantages for HS 7106.

Take Action Now —— Explore Peru Silver products HS Code 7106 Export Data

Frequently Asked Questions

Q1. What is driving the recent changes in Peru Silver products Export in 2025?

Peru's silver exports under HS Code 7106 show high volatility in 2025, with a mid-year peak of $86.46M in June followed by a 61.9% drop to $21.34M by November. This reflects global silver demand fluctuations and commodity market dynamics, including price spikes and destocking cycles.

Q2. Who are the main destination countries of Peru Silver products (HS Code 7106) in 2025?

Switzerland dominates with 33.22% of export value, followed by Brazil (26.17%) and the United States (19.44%). This heavy reliance on Switzerland creates significant market risk for Peru.

Q3. Why does the unit price differ across destination countries of Peru Silver products Export in 2025?

Switzerland pays higher margins for premium unwrought silver (averaging $1,143–$1,487/kg), while Brazil and the U.S. focus on bulk processing of lower-purity semi-manufactured silver ($61/kg).

Q4. What should exporters in Peru focus on in the current Silver products export market?

Exporters must prioritize retaining key accounts (72.27% of value) and diversify away from Switzerland’s dominance to mitigate concentration risks.

Q5. What does this Peru Silver products export pattern mean for buyers in partner countries?

Swiss buyers secure high-value raw silver, while Brazilian and U.S. buyers benefit from stable bulk supply. All face volatility from Peru’s commodity-driven market.

Q6. How is Silver products typically used in this trade flow?

Peru primarily exports unwrought silver (99.76% of HS Code 7106 value), a high-purity raw material for refining, industrial use, or investment-grade storage.

Detailed Monthly and Quarterly Report

Peru HS Code 7106 Export Data Snapshot 2025 JAN

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