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Singapore gold exports fell to only 10.4 tons in October

24 November 2020


Due to the still weak regional demand, Singapore's gold exports fell in October, falling to only 10.4 tons, the lowest level since February this year. According to customs data, Singapore's gold exports fell further in October, falling to only 10.4 tons, the lowest level since February this year. Exports were down 60% from September and more than 40% lower than the level of the same period last year. The reason was that weak economic conditions and high gold prices still paralyzed regional demand.


At the same time, Singapore's gold imports in October were also the lowest level this year, with only 15 tons, a 43% drop from September and a slight drop of 6% from the same period in 2019. As of the end of October, imports so far this year are 30% higher than the levels of previous years.Singapore’s gold imports in most markets have recorded a decline, with two exceptions: Singapore’s gold imports in Japan and Hong Kong, China, have been stronger, and imports in Thailand were roughly the same as last month. Singapore's gold imports from Switzerland fell to the lowest level since June this year.


   In 2020, Singapore will mainly import gold from Cambodia. But in recent months, gold imports from Cambodia have declined, falling by 70% in October to just over 1 ton, the lowest level since April.


Figure 1 Singapore gold imports (monthly)


  In terms of exports, Singapore’s total gold exports in October fell by nearly 60% month-on-month to only 10 tons, a 43% drop from the same period last year.


   But due to the sharp increase in exports to the United States at the beginning of the year, so far this year gold exports are still much higher than the same period last year, an increase of nearly 15%.


   Gold exports to China, except for a substantial increase in August, did not increase for most of 2020, and again fell below 1 ton in October.


   The export volume to France soared to 10 tons in September, accounting for 40% of the total monthly export volume, but in October it plummeted to a negligible level.


   Exports to the US from March to July this year occupies a prominent position in customs data, reaching a peak of more than 26 tons in July, but exports to the US from August to October were almost zero.


  In most markets, the new crown epidemic has severely affected consumer spending, leading to poor economic performance and negatively affecting Singapore’s foreign exports of gold. Gold exports to Hong Kong, China are the only exception, with total exports rising to 3 tons, while exports to other key markets in Asia are all relatively low.


Figure 2 Singapore gold exports (monthly)