China's net gold imports via Hong Kong & Switzerland rocket in 2021

Beijing (Jan 28)  China the world's largest gold consumer has seen gold imports rocket over the last year. The Swiss export customs department and Hong Kong Census and Statistics Department released stats this week confirming the uptick in demand.gold

Net imports in China via Hong Kong for last year stood at 334.1 tonnes, their highest since 2018 and an over sevenfold leap from 40.9 tonnes in the prior pandemic riddled year. Net imports dipped for the second consecutive month to 25.446 tonnes in December from 45.321 tonnes in November, Hong Kong Census and Statistics Department data showed on Thursday.

Exports to Hong Kong via Switzerland rose to 79 tonnes, up from 27 tonnes in 2020 and the very best since 2018. The info suggests a weaker demand restoration in China than in India. Between 2012, when Swiss figures grew to become out there, and 2019, Switzerland exported 400 tonnes of gold a 12 months on common to India and about 600 tonnes a 12 months to mainland China and Hong Kong mixed.

Swiss gold exports rose final 12 months to their highest since 2018 as demand for bullion in China and India, the largest client markets, recovered from a collapse early within the COVID-19 pandemic, Swiss customs knowledge confirmed. In 2021, exports to India surged to 507 tonnes, up from 148 tonnes in 2020 and probably the most since 2015. Shipments to mainland China reached 275 tonnes, up from 30.5 tonnes in 2020 and the very best since 2018.

It was not all good news as Swiss shipments of gold to the U.S. fell to 113 tonnes in 2021 from 508 tonnes in 2020. Exports to Britain declined to 76 tonnes from 130 tonnes.

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