By Ebi Kesiena
Morocco has further entrenched its dominance in the Middle East and North Africa (MENA) silver industry, accounting for an overwhelming 95 percent of regional production and 86 percent of consumption in 2024, according to new market data released on Wednesday.
This performance cements Morocco’s reputation as the undisputed hub of silver mining in the region, with demand and output rising at a pace far ahead of its neighbors.
Silver ore and concentrate consumption across the MENA region reached 3,100 tonnes in 2024 — a staggering 140 percent increase year-on-year. Of this, Morocco alone consumed 2,700 tonnes, far outstripping Turkey (259 tonnes) and Algeria (122 tonnes). In monetary terms, the kingdom’s consumption reached $92 million (MAD 913 million).
Per capita consumption in Morocco stood at 70 kilograms per 1,000 inhabitants, compared with a global average of just 5.4 kilograms. Analysts note that between 2013 and 2024, Morocco’s demand grew at an annual rate of 14.4 percent, reflecting a sustained upward trend driven by industrial applications and domestic needs.
On the production side, regional output remained steady at 8,300 tonnes in 2024. However, Morocco alone contributed 7,800 tonnes, underscoring its role as the cornerstone of the regional industry. Turkey, the next-largest producer, managed just 260 tonnes. In value, MENA’s silver output reached $276 million (MAD 2.74 billion), still well below the 2016 peak of $470 million.
Between 2013 and 2024, Morocco’s silver production surged by an average of 27.4 percent per year, highlighting the kingdom’s growing industrial capacity and investment in the strategic mining sector.
Despite this dominance, challenges remain. Regional silver exports slumped by 26 percent in 2024 to 5,100 tonnes, with Morocco responsible for virtually all shipments. Export earnings dropped to $13 million (MAD 129 million), down from $24 million in 2023, as average export prices fell by 24.3 percent year-on-year to $2,607 per tonne (MAD 25,800 per tonne).
Analysts warn that while Morocco has positioned itself as the unrivaled leader in regional supply, price volatility remains a concern for the market, given its sensitivity to global economic fluctuations and stockpiling trends.
Looking ahead, forecasts suggest the MENA silver market will continue modest growth, expanding by an average of 1.5 percent annually in volume and 1.7 percent in value through 2035, reaching an estimated 3,700 tonnes and $130 million (MAD 1.3 billion).
Against this backdrop, Morocco is not only consolidating its role as the region’s top producer and consumer but also emerging as an influential exporter with the potential to shape global silver market dynamics.
