Indian silver imports rose a staggering 1,917% in May.
May 2017 Indian silver imports of 1,473 tons were up from 73 tons in May 2016.
May silver imports were up 143% from 606 tons imported in April.
Indian Imports of 47,358,050 ounces of silver in May were higher than the record 47 million American Silver Eagles sold in 2015.
UPDATE July 12, 2017: After confirming an error in the Indian May gold import numbers, I contacted the data provider to determine if an error had also been made in calculating the May Indian silver numbers. Indeed, the May Indian silver import numbers reflected combined April and May imports. The actual May Indian silver import number was 819.132 tons. Silver imports were up 1,022% in May from 73 tons in May 2016. Indian Imports of 26,335,705 ounces of silver in May were nearly 2X higher than 13,523,500 million American Silver Eagles sold through July 12, 2017. Charts have been revised to correct the error.
Indian Silver Imports in May Highest Since 2009
Indian silver demand has increased exponentially over the past ten years. India, however, has historically been known as a nation with a penchant for gold. Indeed, India has gold giving holidays as the yellow metal is revered for its beauty and as a store of generational wealth. Yet, the Indian government has placed import duties on gold, added a sales tax and initiated a gold monetization scheme designed to get Indians to turn in their gold to in exchange for interest bearing bonds.
While the Indian government’s anti-gold initiatives have dented official gold demand in India, black market sales and imports continue. Silver has been a direct beneficiary of the campaign against gold. Indians prize silver for its beauty and also give it as gifts. It’s not substitute for gold, but it is viewed favorably.
Monthly Indian Silver Imports May 2016 – May 2017
Monthly Indian Silver Imports August 2014 – May 2017
May 2017 Indian silver imports were the largest since December 2015.
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Annual Indian Silver Imports 1999 – 2017
Indian silver imports in May 2009 were the highest since October 2009.
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Indian Silver Imports vs. American Silver Eagle Coin Sales
India’s silver demand requirements in 2015 strained global silver supply.
Indian silver demand exceeded the annual mining production of Mexico in 2015.
*According to the Silver Institute, global silver mining production increased 2.1% in 2015. Their findings mirror the reports of Societe Generale, the CPM Group, Statistica , the Peruvian and the Mexican governments that indicated that silver mining production increased in 2015. According to the Silver Institute global silver mining production declined 0.6% in 2016. According to the USGS golbal silver mining production grew approximately 1% in 2016.
The Indian silver charts are derived from data pulled from the Indian Ministry of Commerce and Industry, Govt. of India by Nick Laird of GoldChartsrus and are updated monthly and archived on Smaulgld.com.
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