# Silver Production Landscape 2024: Mexico Dominates, Peru Harbors Ambitions

In 2023, the global silver production reached 26,000 tons, with Mexico continuing to dominate the chart at 6,400 tons, an increase of 205 tons year-on-year. How astonishing is this production? The second-ranked China only produced 3,400 tons, and Peru came in third with 3,100 tons—Mexico nearly accounts for a quarter of the entire silver supply.

**Key Highlights**:
- **Peru is the real hidden boss** - with reserves of 98,000 tons, far exceeding Mexico's 11,000 tons. Currently, it ranks third in silver production and may turn the tables one day.
- **The Embarrassing Truth about Silver Production** - Over 70% of the world's silver is a byproduct of copper and gold mining, and there are very few pure silver mines.
- **Mining Power Ranking**: Mexico (6400 tons ) > China (3400 tons ) > Peru (3100 tons ) > Chile (1400 tons ) > Poland (1300 tons )
- **The United States ranks only ninth** — with just 1,000 tons, even less than Kazakhstan's 990 tons.

**Insights for Investors**: When focusing on silver stocks, geographic location is crucial — mining-friendly national policies + high-quality ore deposits = long-term stable production capacity. Mexico has a stable overwhelming advantage, and Peru is the next hotspot.