Turkey's Silver Imports Hit Record High in January

Source: Xinhua Finance

Xinhua Finance, Istanbul, February 13 (Reporter Xu Wanhu) — Driven by global market fluctuations and Turkey’s gold import restrictions, physical silver demand in Turkey has surged. According to data recently released by the Istanbul Stock Exchange, Turkey’s silver imports in January 2026 set a new monthly record since statistics began in March 1999.

The data shows that in January 2026, Turkey’s silver imports reached 273,357 kilograms. By comparison, the total silver imports for the entire year of 2025 were 860,443 kilograms, meaning that this year’s imports in the first month have already approached one-third of last year’s total. The previous annual import record was in 2023, when imports reached 1.16 million kilograms.

Analysts point out that the surge in silver imports this round is driven mainly by local factors. Currently, Turkey has imposed strict import quotas on gold, prompting some precious metal investment demand to shift to silver. At the same time, as international gold prices continue to rise, silver, with its relatively lower price, has become an alternative option for investors with limited purchasing power.

Globally, the supply-demand imbalance in the silver market is also pronounced. Physical delivery demand for silver on the New York Mercantile Exchange has risen significantly, with market demand at times reaching several times the available inventory. Meanwhile, global mine production is trending downward, while industrial demand for silver in sectors such as photovoltaics and power electronics continues to grow, further widening the global supply gap.

Editor: Zhu Henan