China’s Gold imports shifting from Hong Kong to Switzerland

Shanghai (Jan 30)  Hong Kong and Swiss trade data show that more Chinese gold imports are coming from Switzerland and less from Hong Kong than in years past, said Commerzbank in a snippet.

 Data from the Census and Statistics Department of the Hong Kong government shows that China imported 496 tons of gold from Hong Kong last year, which was 21% less than the year before and the lowest level in seven years.

“Having said that, China’s gold imports from Hong Kong have actually been declining for years,” Commerzbank added. “Instead, China now imports lots of gold from other countries, such as Switzerland.”

Analysts cited a data from the Swiss Federal Customs Administration showing that Switzerland transported 431 tons of gold to China last year, up 38% from the previous year.

“If Swiss gold exports had not collapsed in December (both in overall terms and specifically to China), Switzerland would have closed the gap to Hong Kong as China’s leading gold supplier,” Commerzbank noted.

 Meanwhile, Switzerland exported “only” 254 tons of gold to India in 2018, which was 37% less than in 2017 and the lowest amount in at least four years, Commerzbank added.

ScrapRegister