Global leading exporting countries of palladium 2023

In 2023, Russia held the title of the largest exporter of palladium in the world, with exports valued at 4.4 billion U.S. dollars. That year, Russia was also the largest producer of mined palladium worldwide with a volume of 92 metric tons produced. This means that Russia accounted for an 23 percent share of the total global palladium exports worldwide that year.

Global palladium demand and consumption

 Since 2018, global palladium exports have been increasing steadily worldwide. China had the largest gross demand for palladium worldwide totaling 3.1 million ounces (or 91.85 metric tons) in 2023. The industry that accounted for the largest consumption of palladium worldwide in 2023 was the automotive industry, with 240.3 metric tons of palladium used for automobile exhaust systems that year. 

Russia’s palladium exports over time

As the largest exporter of palladium in the world, the value of Russian palladium exports has almost doubled from 2.8 billion in 2018 to 5.3 billion in 2022. By contrast, the mine production of palladium in Russia has only steadily increased from 79.4 metric tons in 2016 compared with 92 metric tons in 2022.