Market evolution: Silver scrap (CN 711299) — 2015–2025

Introduction

This report analyzes the evolution of the European Union's trade in silver scrap (customs code 711299) between 2015 and 2025. The analysis is based on yearly trade data covering the period from January 2015 to December 2025, with incomplete periods already excluded. The product encompasses waste and scrap of silver, including metal clad with silver, intended principally for precious metal recovery. The EU's trade in this material shows significant dynamism, characterized by substantial value growth, shifting partnerships, and a marked increase in export activity, largely driven by price trends.

1. Explosive Value Growth Fueled by Rising Prices

The decade witnessed a dramatic expansion in the total value of EU trade in silver scrap, with the most striking feature being the divergence between value and volume trends, indicating a dominant role for price increases.

Trade value surged while physical volumes grew modestly

EU imports value grew by 94.4%, from €1.36 billion in 2015 to €2.64 billion in 2025. Over the same period, import volume increased by only 18.6%, from 30,846 to 36,578 tonnes. This divergence points to a significant increase in the average price of imported silver scrap.

Export growth outpaced imports dramatically

The most pronounced development was on the export side. EU exports value increased by 481.8%, from €326 million to nearly €1.90 billion. In contrast, export volume grew by just 12.0% (from 14,760 to 16,529 tonnes). The average export price per tonne escalated by 419.5% over the period, revealing a fundamental price-driven value explosion.

The trade deficit narrowed significantly

The EU consistently runs a large trade deficit in this commodity, as it is a major importer of raw materials for its refining industry. However, the balance improved substantially. The deficit in value terms shrank from -€1.03 billion in 2015 to -€742 million in 2025, a 28.1% improvement. This improvement is almost entirely attributable to the faster growth of exports relative to imports.

2. A Shifting Landscape of Trade Partners

The geographical orientation of EU trade in silver scrap evolved considerably, with changes in both source markets for imports and destination markets for exports.

Import sources remained concentrated but saw shifts

The United States and the United Kingdom were the dominant sources for EU imports throughout the period. However, other partners gained prominence. Notably, imports from Switzerland (+241.4%) and Türkiye (+590.1%) grew rapidly. In contrast, imports from Peru collapsed by 82.6% over the decade.

Export destinations transformed dramatically

The most significant structural shift occurred in export destinations. Exports to South Korea exploded from €1.9 million in 2015 to €95.9 million in 2025 (a 4,890% increase), making it a top market. Exports to the United Kingdom also surged (+198.4%). Conversely, trade with traditional partners like Japan (-62.8%) and Hong Kong (-100%) diminished substantially.

Germany emerged as the bloc's export powerhouse

Within the EU, member state roles shifted. Germany's exports skyrocketed by 1,430.6%, from €94 million in 2015 to over €1.45 billion in 2025, making it the bloc's preeminent exporter by a large margin. Poland also saw remarkable export growth (+4,341.7%), solidifying its position as the second-largest EU exporter. Italy remained the leading importer within the EU.

3. The EU's Evolving Role: From Collector to Major Re-exporter

The data indicates a strategic evolution in the EU's function within the global silver scrap value chain, moving from being primarily a collector and processor for internal needs towards becoming a significant re-exporter.

Domestic production of secondary silver saw modest growth

EU production volumes of secondary raw material (Prodcom 38.32.21.10) increased by 16.7%, from 120 to 140 million kilograms. However, the value of this production declined by 12.8%, suggesting possible changes in the feedstock mix or refining margins.

Export propensity soared, indicating an outward re-orientation

A key vulnerability indicator is export propensity, which measures exports as a share of domestic production. This ratio surged by 52.7%, from 1,228% to 1,875% over the period. This dramatic increase confirms that the EU is exporting volumes of silver scrap many times larger than its own secondary production, highlighting its role as a major re-export and transit hub.

The EU maintains near-total import reliance but is less vulnerable through diversification

The net import reliance remained extremely high and stable, at 96.2% in 2015 and 95.2% in 2025. This underlines the EU's continued dependence on external sources for silver scrap. However, the Herfindahl-Hirschman Index (HHI) for imports fell by 19.2% (from 2,992 to 2,418), indicating that import sources became slightly less concentrated, potentially reducing supply risk.

Conclusion

The EU trade in silver scrap (CN 711299) from 2015 to 2025 was defined by a powerful price-driven surge in trade values, which far outpaced changes in physical volumes. This period saw a strategic reorientation of trade flows: while the US and UK remained key suppliers, new import sources like Türkiye and Switzerland grew rapidly, and export destinations pivoted strongly towards Asian markets such as South Korea. Domestically, Germany consolidated its position as the EU's dominant re-exporter. Despite this outward re-orientation, the EU's near-total reliance on imported silver scrap persisted, albeit with a slightly more diversified supplier base. The overarching trend suggests the EU has leveraged its refining capacity to become a significant global processor and re-exporter of silver scrap, rather than merely a final consumer of the recovered metal.