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Swiss gold exports in November increased by 6% from the previous month

12 January 2021


In November, Swiss gold exports reached 96 tons, an increase of 6% from the previous month.


   India has become the largest destination of Swiss gold exports for the second consecutive month, accounting for 23% of Swiss gold exports. Swiss gold exports to the United States jumped to more than 20 tons, making it the second largest importer of Swiss gold, followed by Turkey, which accounted for 15% of total Swiss gold exports.


   The monthly increase in Swiss gold exports in November was mainly driven by the rebound in exports to the United States, Turkey and Thailand. Part of the increase was offset by the decline in exports to India and the United Kingdom.


   The United States imported more than 20 tons of Swiss gold in November, an increase of 15% from the previous month, the highest in the past three months. The U.S. becomes the No.


Large export market, accounting for 21% of total exports.


   It is interesting that the United States has been a net gold exporter to Switzerland in the past few years, but the situation reversed at the beginning of this year. In the first eight months of this year, the U.S. imported 55 tons of gold from Switzerland on average each month, while the average monthly imports of gold from September to November were 17 tons. This shows that compared with earlier this year, the trade between the two countries has recently increased. To a certain extent, develop towards a normal model.


   Despite this, Swiss gold exports to the United States have remained high in recent months, and the average monthly import volume in 2019 was 1.5 tons.


In November, Swiss gold exports to Turkey surged 116% to 14 tons, the second highest monthly level this year, accounting for 15% of all gold exports. Turkey became Switzerland’s third largest gold export destination that month. From January to November this year, Turkey imported 72 tons of Swiss gold, which is expected to hit the highest annual import level since 2017.


   Another market where Thailand imported gold from Switzerland in November saw a significant increase. The import volume was just over 10 tons, the highest level since August 2018, accounting for 11% of Swiss gold exports.


Thailand’s gold imports in the first half of this year have stagnated (the average monthly delivery volume is less than 1 ton), but in the past three months, Thailand’s delivery volume seems to have begun to pick up, with an average monthly delivery volume of 4.5 tons. This may be the reason Signs of improving regional market confidence.


On the other hand, in November, Swiss gold exports to India fell by 9% compared to the previous month, only slightly above 22 tons. Despite the large monthly decline, India maintained its position as the largest exporter of Swiss gold for the second consecutive month, accounting for 23% of Swiss gold exports.


   It is worth mentioning that after the weakness in the first half of the year, in the second half of this year, especially in the past two months, Swiss gold delivery to India has improved significantly. Between July and November this year, India’s average monthly gold imports from Switzerland was 17 tons, while the monthly average for the first six months of this year was only 4 tons. This reflects the gradual improvement in market sentiment and the recovery of gold demand during the holiday season. At the same time, Swiss gold exports to the UK fell for the second consecutive month, falling to less than 1 ton in November, the lowest level since May, reflecting the recent shift in investor sentiment and the massive outflow of gold ETFs.


  Switzerland imported nearly 149 tons in November, a 10% drop from October levels. In November, gold imports from Argentina fell sharply, falling from a 5-month high of 18 tons in the previous month to just under 3 tons. In contrast, gold imports from Peru and Chile soared by 72% and 17% respectively, reaching a total of 34 tons, accounting for 23% of all gold imports.


In November, Switzerland's gold imports from the United States increased by more than one-third from the previous month, and were slightly less than 15 tons. The United States became the second largest source of gold supply for Swiss gold refineries. Swiss gold imports from Hong Kong fell by 10%, but remained at a high level of 11 tons. From January to November this year, Switzerland imported 15 tons of gold from Hong Kong each month, while the monthly averages were 5 tons and 3 tons in 2018 and 2019.