UK Silver Exports & Imports by Country
The UK exported £165m of silver (109 tonnes) and imported £625m in August 2026. Over the last 12 months exports totalled £10.8bn (5,974 t, about $14.5bn) and imports £15.0bn. The biggest destination was India (36% of exports), and the biggest source United States (56% of imports). Exports so far in 2026 are up 102% on the same months of 2025.
UK silver exports and imports, monthly since 2001
pounds sterlingTop Partners, Last 12 Months
Sep 2025 – Aug 2026, all silver products, pounds sterling.
Destinations (exports)
| Country | Value | Share |
|---|---|---|
| 1. India | £3.9bn | 35.9% |
| 2. Hong Kong | £3.3bn | 30.7% |
| 3. United Arab Emirates | £1.8bn | 16.4% |
| 4. Switzerland | £653m | 6.0% |
| 5. Turkey | £318m | 2.9% |
| 6. United States | £150m | 1.4% |
| 7. Vietnam | £149m | 1.4% |
| 8. Germany | £142m | 1.3% |
| 9. Spain | £118m | 1.1% |
| 10. Belgium | £110m | 1.0% |
| 11. Japan | £48.8m | 0.5% |
| 12. Austria | £40.2m | 0.4% |
| 13. Italy | £31.0m | 0.3% |
| 14. Singapore | £30.7m | 0.3% |
| 15. Papua New Guinea | £13.6m | 0.1% |
| All countries | £10.8bn | 100% |
Sources (imports)
| Country | Value | Share |
|---|---|---|
| 1. United States | £8.5bn | 56.3% |
| 2. Switzerland | £1.4bn | 9.3% |
| 3. Canada | £956m | 6.4% |
| 4. Germany | £740m | 4.9% |
| 5. Poland | £651m | 4.3% |
| 6. Hong Kong | £625m | 4.2% |
| 7. Kazakhstan | £542m | 3.6% |
| 8. Spain | £350m | 2.3% |
| 9. Japan | £244m | 1.6% |
| 10. Italy | £170m | 1.1% |
| 11. India | £153m | 1.0% |
| 12. Australia | £139m | 0.9% |
| 13. South Korea | £139m | 0.9% |
| 14. Sweden | £117m | 0.8% |
| 15. Finland | £102m | 0.7% |
| All countries | £15.0bn | 100% |
Month by Month
The last 12 months, with the largest partner each month.
| Month | Exports | Imports | Net |
|---|---|---|---|
| Aug 2026 | £165m | £625m | −£460m |
| Jul 2026 | £183m | £278m | −£95.3m |
| Jun 2026 | £63.8m | £690m | −£626m |
| May 2026 | £72.5m | £436m | −£364m |
| Apr 2026 | £950m | £695m | +£255m |
| Mar 2026 | £1.4bn | £1.8bn | −£372m |
| Feb 2026 | £3.8bn | £2.4bn | +£1.4bn |
| Jan 2026 | £2.4bn | £2.5bn | −£58.4m |
| Dec 2025 | £210m | £1.4bn | −£1.2bn |
| Nov 2025 | £125m | £978m | −£852m |
| Oct 2025 | £749m | £2.5bn | −£1.7bn |
| Sep 2025 | £625m | £783m | −£158m |
By Product, Last 12 Months
| Product (HS code) | Exports | Imports |
|---|---|---|
| Unwrought silver (bars, grain) 7106.91 | £10.7bn | £14.3bn |
| Semi-manufactured silver 7106.92 | £43.4m | £652m |
| Silver powder 7106.10 | £62.6m | £44.4m |
Year by Year
| Year | Exports | Imports | Net |
|---|---|---|---|
| 2026 (8 mo.) | £9.1bn | £9.4bn | −£293m |
| 2025 | £6.2bn | £8.7bn | −£2.5bn |
| 2024 | £2.8bn | £3.4bn | −£576m |
| 2023 | £2.3bn | £2.8bn | −£555m |
| 2022 | £6.6bn | £1.8bn | +£4.8bn |
| 2021 | £2.6bn | £4.5bn | −£1.9bn |
| 2020 | £2.9bn | £2.1bn | +£804m |
| 2019 | £934m | £1.6bn | −£652m |
| 2018 | £1.1bn | £1.5bn | −£419m |
| 2017 | £623m | £2.1bn | −£1.5bn |
| 2016 | £538m | £1.8bn | −£1.2bn |
| 2015 | £1.3bn | £1.4bn | −£132m |
| 2014 | £1.2bn | £1.7bn | −£507m |
| 2013 | £1.9bn | £3.1bn | −£1.2bn |
| 2012 | £876m | £5.5bn | −£4.6bn |
| 2011 | £2.6bn | £2.6bn | −£38.9m |
| 2010 | £1.1bn | £1.3bn | −£293m |
| 2009 | £289m | £2.0bn | −£1.7bn |
| 2008 | £1.3bn | £947m | +£380m |
| 2007 | £436m | £700m | −£264m |
| 2006 | £191m | £1.1bn | −£899m |
| 2005 | £376m | £235m | +£142m |
| 2004 | £211m | £268m | −£57.0m |
| 2003 | £282m | £285m | −£3.5m |
| 2002 | £155m | £357m | −£203m |
| 2001 | £182m | £373m | −£191m |
Exports by destination and year (top 20)
| Country | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| India | £2.5bn | £2.0bn | £1.9bn | £851m | £3.0bn | £549m |
| Hong Kong | £3.3bn | £125k | £423k | £519k | £660k | £526k |
| United Arab Emirates | £1.7bn | £128m | £388m | £30.0m | £1.1m | £57k |
| Switzerland | £563m | £233m | £35.1m | £236m | £744m | £276m |
| Turkey | £280m | £72.5m | £2.3m | £159m | £564m | £59k |
| United States | £107m | £3.2bn | £290m | £29.1m | £123m | £108m |
| Vietnam | £149m | — | — | £17k | £9k | £28k |
| Germany | £136m | £24.4m | £69.5m | £101m | £288m | £307m |
| Spain | £82.7m | £41.3m | £32k | £125m | £188m | £79.3m |
| Belgium | £64.0m | £81.6m | £60.6m | £62.7m | £37.7m | £59.3m |
| Japan | £47.4m | £2.8m | £806k | £517k | £127k | £32k |
| Austria | £40.2m | £66k | £28k | £6k | £51k | £12.7m |
| Italy | £30.6m | £1.4m | £4.5m | £114m | £205m | £14.7m |
| Singapore | £29.7m | £1.1m | £120k | £126k | £86k | £1.6m |
| Papua New Guinea | £13.6m | — | — | — | — | — |
| Australia | £8.8m | £46k | £49k | £66k | £47k | £47k |
| Lebanon | £4.6m | — | — | — | — | — |
| France | £3.1m | £2.7m | £7.2m | £7.4m | £11.9m | £11.1m |
| Canada | £4.0m | £381m | £108m | £531m | £1.4bn | £1.2bn |
| Ireland | £1.2m | £853k | £607k | £1.1m | £1.1m | £1.2m |
Imports by source and year (top 20)
| Country | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| United States | £5.4bn | £3.7bn | £152m | £36.0m | £61.4m | £30.9m |
| Switzerland | £642m | £960m | £332m | £48.6m | £29.0m | £105m |
| Canada | £698m | £338m | £18k | £434k | £63.0m | £34k |
| Germany | £403m | £661m | £671m | £216m | £120m | £71.8m |
| Poland | £527m | £338m | £185m | £133m | £144m | £237m |
| Hong Kong | £172m | £1.3bn | £62.8m | £145m | £104m | £444m |
| Kazakhstan | £431m | £262m | £193m | £292m | £346m | £376m |
| Spain | £266m | £177m | £101m | £174m | £252m | £189m |
| Japan | £83.8m | £160m | £254k | £127m | £22.7m | £383k |
| Italy | £113m | £62.8m | £6.5m | £10.2m | £7.2m | £8.3m |
| India | £153m | £37.0m | £270m | £75.8m | £380k | £321m |
| Australia | £139m | £103m | £31.4m | £65.0m | £1.3m | £103m |
| South Korea | £49.1m | £120m | £408k | £23.3m | £24k | £6.4m |
| Sweden | £91.6m | £72.4m | £96.7m | £143m | £82.5m | £153m |
| Finland | £64.6m | £66.9m | £5.0m | £10.0m | £34.0m | £48.5m |
| Indonesia | £19.4m | £17.6m | £1k | £7k | — | £1k |
| France | £11.8m | £43.6m | £212m | £58.8m | £155m | £6.4m |
| Turkey | £31.3m | £139k | £247k | £25.1m | £1.7m | £149k |
| Chile | £18.9m | £7.2m | — | — | — | — |
| Bulgaria | £13.8m | £17.5m | £253k | £74k | — | — |
UK Silver Trade: FAQ
Where does the UK export its silver to?
Over the 12 months to August 2026 the largest destinations were India (£3.9bn, 36%), Hong Kong (£3.3bn, 31%), United Arab Emirates (£1.8bn, 16%), Switzerland (£653m, 6%), out of £10.8bn in all.
Where does the UK import silver from?
Over the same 12 months the largest sources were United States (£8.5bn, 56%), Switzerland (£1.4bn, 9%), Canada (£956m, 6%), Germany (£740m, 5%), out of £15.0bn in all.
How much silver does the UK export?
In the 12 months to August 2026, 5,974 tonnes worth £10.8bn, against imports of 10,310 tonnes worth £15.0bn. The biggest full year for exports by value was 2022 (£6.6bn). The UK mines almost no silver: the flows are metal moving through London's vaults and refiners.
Why do UK silver exports and imports swing so much?
London is the world's biggest market for silver: banks, refiners and funds keep bars in London vaults and move them in and out as they are bought and sold. Large shipments go to and from the US when New York prices pull away from London, and to India and Switzerland when demand there rises. A few months of heavy demand from one country can move the totals by billions of pounds.
What do the figures include?
HS heading 7106: unwrought silver (bars, grain), semi-manufactured silver, silver powder. Coins, jewellery, scrap and ores are counted elsewhere. Exports and imports include trade with EU and non-EU countries; silver held in London vaults that changes owner without leaving the country is not trade and is not counted. Values are in pounds, not adjusted for inflation; quantities are in tonnes, from HMRC's supplementary unit (grams).
How often is this updated?
Monthly. HMRC publishes each month's trade figures about six weeks after the month ends and revises recent months. This page picks up a new month within a day or so.
Source: HM Revenue & Customs, Overseas Trade Statistics (uktradeinfo), licensed under the Open Government Licence v3.0. HMRC Overseas Trade Statistics by partner country and CN8 code (summed to HS6), EU and non-EU trade, monthly from 2001, data to August 2026; recent months are revised by HMRC. Totals over several months, shares, rankings, net trade, tonnes (from the supplementary unit, grams) and the US-dollar figure (Federal Reserve H.10 rates) are Corgano's calculations.
See also: silver price in the UK · Bank of England interest rate · Canada silver exports · US silver trade.
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@misc{corgano2026uksilverexports, author = {{Corgano}}, title = {UK Silver Exports & Imports by Country}, howpublished = {\url{https://silverprice.corgano.com/uk-silver-exports}}, year = {2026}, note = {Corgano Silver Price, accessed 2026-10-27}}