2025 Peru Silver (HS 710691) Export: Volatility Surge

Key Takeaways

Silver, classified under HS Code 710691 (Silver, unwrought), exhibited high volatility from January to November 2025.

• Market Pulse: Exports surged 120% in June before collapsing 60% by November, reflecting extreme sensitivity to global silver demand and spot price swings.
• Structural Shift: Peru Silver Export reliance on Switzerland (33% of value) creates concentration risk, while Brazil and the U.S. provide volume-driven balance.
• Product Logic: HS Code 710691 trade data reveals a bifurcated market, with premium-grade silver ($1,487/kg) outpacing standard ($1,144/kg) by 30% in unit value.

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

Peru Silver (HS Code 710691) Key Metrics Trend

Market Trend Summary

Analyzing the Peru Silver Export trend from January to November 2025 reveals a pattern of high volatility, characterized by a strong mid-year surge and a sharp year-end decline. Exports began modestly in early 2025, escalated dramatically to a peak in June with a 120% value increase, then fluctuated before contracting nearly 60% in November, indicating unstable market conditions.

Drivers & Industry Context

This volatility is driven primarily by shifts in global silver demand and spot price movements, with the value derived from HS Code 710691 closely tracking these external factors. The June peak likely reflects heightened industrial or investment appetite, while the November drop aligns with typical year-end inventory drawdowns and reduced trading activity, absent specific policy shocks or supply disruptions.

Table: Peru Silver Export Trend (Source: yTrade)

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Peru HS Code 710691 Export Breakdown

Market Composition & Top Categories

HS Code 7106911000 dominates Peru's exports of unwrought silver, accounting for 58% of the total weight shipped. According to yTrade data, this sub-code represents over half of the volume, while the remaining exports are covered by a secondary category with a 42% weight share. The Peru HS Code 710691 Export market is tightly concentrated around these two primary forms of unwrought metal.

Value Chain & Strategic Insights

Unit prices show a clear divergence, with one category priced at $1,144 per kg and the other at $1,487 per kg, indicating quality or purity-based segmentation. This HS Code 710691 breakdown reveals a specialized market where price sensitivity is tied to grade rather than bulk commodity trading. Exporters should focus on certification or processing to capture higher margins in this trade structure.

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Peru Silver Destination Countries

Geographic Concentration & Market Risk

Peru's silver exports throughout most of 2025 show a high dependence on Switzerland, which captured over a third of the total export value. This makes the Swiss market the dominant partner for Peru Silver export destinations, creating a significant concentration risk. Such reliance on a single, high-value market leaves Peru's silver trade exposed to potential demand shifts or policy changes from this one buyer.

Purchasing Behavior & Demand Segmentation

Switzerland's purchasing profile reveals a quality-conscious demand for high-value specifications, with its valueRatio of 33.22 vastly exceeding its weightRatio of 27.90. This indicates Swiss buyers are paying premium prices per kilogram, targeting higher-margin silver products rather than bulk ore. For other key trade partners for Silver like Brazil and the U.S., the closer alignment between value and weight ratios points to more standard, volume-driven transactions. The overall market offers strong margin potential from the top buyer, complemented by volume scale from secondary partners.

Table: Peru Silver (HS Code 710691) Top Destination Countries (Source: yTrade)

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Peru Silver Buyer Companies Analysis

Buyer Concentration & Market Structure

According to yTrade data, Peru Silver buyers are dominated by a core group of high-volume, loyal accounts. This segment generated 74.17% of total export value from January to November 2025, indicating a stable, contract-based supply chain. These key accounts, including major refiners and traders, form the market's structural anchor.

Purchasing Behavior & Sales Strategy

This concentration in long-term partners requires a retention-focused strategy, prioritizing supply reliability and competitive pricing for HS Code 710691. Sellers should deepen relationships with existing high-value clients while monitoring global regulatory shifts, as OECD reports highlight ongoing scrutiny of raw material export policies [OECD]. Diversifying slightly into smaller, transactional buyers could mitigate over-reliance on top partners.

Table: Peru Silver (HS Code 710691) Top Buyers List (Source: yTrade)

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Action Plan for Silver Market Operation and Expansion

• Diversify buyer base: Reduce over-reliance on Switzerland by targeting secondary markets like Brazil and the U.S., where volume-driven demand offers stability.
• Lock in premium margins: Certify high-purity silver (HS Code 7106911000) to justify the $1,487/kg price tier, leveraging Switzerland’s quality-focused demand.
• Hedge against volatility: Use short-term contracts or spot pricing mechanisms to mitigate risks from the 60% November drop in export value.
• Monitor OECD policies: Track regulatory changes on raw material exports, as scrutiny could disrupt long-term contracts with top refiners.
• Optimize logistics for bulk buyers: Streamline shipping for standard-grade silver to compete in volume-driven markets like Brazil.

Take Action Now —— Explore Peru Silver HS Code 710691 Export Data

Frequently Asked Questions

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

Peru's silver exports in 2025 show high volatility, peaking in June (120% value increase) before dropping 60% by November. This reflects global silver demand shifts and spot price movements, with no major policy shocks detected.

Q2. Who are the main destination countries of Peru Silver (HS Code 710691) in 2025?

Switzerland dominates, absorbing over a third of Peru’s silver export value, followed by Brazil and the U.S. Switzerland’s 33.22% value share exceeds its 27.90% weight share, signaling premium purchases.

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

Prices vary due to product segmentation: Switzerland pays $1,487/kg for high-grade silver (HS Code 7106911000), while others like Brazil trade at $1,144/kg for standard volumes.

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

Prioritize retaining high-value Swiss buyers through quality assurance and certifications, while diversifying slightly into smaller transactional markets to mitigate over-reliance.

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

Swiss buyers secure premium-grade silver at higher margins, while secondary partners (e.g., Brazil, U.S.) benefit from stable, volume-driven supply chains.

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

Unwrought silver (HS Code 710691) is primarily exported for refining or industrial use, with higher-grade variants targeting specialized manufacturing or investment markets.

Detailed Monthly and Quarterly Report

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