India has overtaken the United States as the world’s largest importer of silver.

Silver market analyst Steve St. Angelo reports that the United States and India combined are projected to import in 2015 a total of 533 million ounces of silver, accounting for 63 percent of the forecasted global mine supply of 830 million ounces.

India is forecasted to be responsible for importing 340 million ounces, with the U.S. absorbing 193 million ounces.

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St. Angelo charts silver imports for the two nations since 2007 as follows:

??India — 80 million ounces in 2007, 175 million in 2008, 41 million in 2009, 83 million in 2010, 149 million in 2011, 68 million in 2012, 197 million in 2013, and 228 million in 2014.

??United States — 153 million ounces in 2007, 142 million in 2008, 11 million in 2009, 173 million in 2010, 203 million in 2011, 165 million in 2012, 163 million in 2013, and 160 million in 2014.

“If India does import 320 to 340 million ounces in 2015, it’s eight times more than their total imports in 2009 and nearly five times what they imported in 2012," according to St. Angelo.

“The reason U.S. silver imports have been the highest in the world and more consistent is due its large industrial demand base.

“India’s silver imports are more volatile as silver bar investment demand is the leading factor — it rises and falls due to price and market sentiment.”