Morocco ranked first regionally in silver production and consumption during 2024, according to recent data released by IndexBox and CEIC Data, capturing 95% of total output and 86% of total consumption across the Middle East and North Africa.
Record Output and Clear Dominance
Morocco produced approximately 7,800 tonnes of silver, out of a total regional output of 8,300 tonnes. By contrast, Turkey came a distant second with production not exceeding 260 tonnes, highlighting the massive gap that Morocco maintains in this sector.
In value terms, total regional output stood at USD 276 million (AED 2.74 billion), down from its peak of USD 470 million in 2016, according to Al Aamk (Moroccan outlet).
Growing Domestic Consumption
Morocco’s domestic consumption reached 2,700 tonnes of silver and concentrates, accounting for 86% of regional consumption, which totaled 3,100 tonnes—an impressive 140% regional increase compared to 2023.
The financial value of Moroccan consumption amounted to USD 92 million (AED 913 million). Per capita consumption jumped to 70 kilograms per 1,000 people, far exceeding the global average of just 5.4 kilograms.
Rising Demand and Near-Exclusive Exports
The data shows that demand for silver in Morocco grew at an average annual rate of 14.4% between 2013 and 2024, driven by expanding industrial and household applications.
Morocco also solidified its position as the region’s near-exclusive exporter of silver, accounting for 99.9% of regional exports, which reached 5,100 tonnes in 2024.
Falling Revenues Despite High Volumes
Despite these high volumes, regional export revenues fell to USD 13 million (AED 129 million), compared to USD 24 million in 2023. The decline was primarily due to a 24.3% drop in the average export price, which slipped to USD 2,607 per tonne.
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