Morocco consolidated its position in 2024 as the undisputed leader of the silver market in the Middle East and North Africa (MENA), accounting for 95% of regional output and 86% of consumption.
This unprecedented dominance confirms the kingdom’s role as a central player in a fast-expanding strategic mining sector.
Silver ore and concentrate consumption in the MENA region reached 3,100 tonnes in 2024, up 140% year-on-year. Morocco alone absorbed 2,700 tonnes, or 86% of the total, far ahead of Turkey (259 tonnes) and Algeria (122 tonnes). In value terms, Moroccan consumption stood at $92 million (MAD 913 million).
Per capita consumption in Morocco has now risen to 70 kg per 1,000 inhabitants, compared to a global average of 5.4 kg. Between 2013 and 2024, demand grew at an impressive average rate of 14.4% per year, reflecting a structural upward trend in domestic needs.
Regional production remained stable at 8,300 tonnes in 2024, but Morocco accounted for 7,800 tonnes, or 95% of the total. Turkey, the second-largest producer, managed no more than 260 tonnes. In value, regional output reached $276 million (MAD 2.74 billion), down from its 2016 peak of $470 million.
Between 2013 and 2024, Morocco’s production surged by an average of 27.4% annually, underscoring the country’s growing industrial strength in this strategic sector.
Regional exports fell by 26% in 2024 to 5,100 tonnes, of which 99.9% originated from Morocco. Export earnings dropped to $13 million (MAD 129 million), down sharply from $24 million in 2023. The average export price declined 24.3% year-on-year to $2,607 per tonne (MAD 25,800 per tonne).
While Morocco remains the kingpin of regional supply, the decline in prices highlights the volatility of a market sensitive to global fluctuations and stockpiling policies.
Looking ahead, the MENA silver market is expected to grow by an average of 1.5% annually in volume and 1.7% in value through 2035, to reach 3,700 tonnes and $130 million (MAD 1.3 billion).
Against this backdrop, Morocco stands not only as the region’s top producer and consumer, but also as an increasingly influential exporter with the potential to shape international market dynamics.
MK/ac/sf/lb/as/APA