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Swiss gold exports plummeted by 15% in October, hitting 9-month low

25 November 2020

 

Switzerland is a global gold processing center, and a large amount of gold is exported from here to all over the world.

 

Data show that Swiss gold exports fell to 90 tons in October, down 15% from the previous month, setting a new low for monthly gold exports since February. This was largely due to the sharp decline in exports to the UK.

In October, Swiss gold exports to the UK fell from 51 tons in September to 19 tons; on the contrary, exports to India rebounded, making India the largest exporter of Swiss gold, accounting for 27% of Swiss gold exports.

Swiss gold bullion exports decreased in October to just over 90 tons, the lowest level since February. So far this year, Swiss exports totalled 1,008 tons, a slight decrease year-on-year.The decline in Swiss gold exports in October was mainly due to reduced exports to the UK. The United Kingdom imported about 19 tons of Swiss gold, a significant 62% decrease from the previous month. Despite the decline, this is still the second highest monthly import level reported in 10 months.The UK’s share of Swiss gold exports fell to 21% from 48% last month.

 

Turkey is another country that saw a significant drop in gold imports from Switzerland. Turkey's gold imports from Switzerland fell by 52% from last month to only 6.5 tons. It lost its status as the second largest export market for Swiss gold and fell to fourth place. In contrast, Swiss gold exports to India soared to 24 tons in October, the highest level since May 2019.India has become the largest export market for Swiss gold, accounting for 27% of Swiss gold exports. India imported 64 tons of gold from Switzerland between July and October. In contrast, imports in the first half of this year were only 27 tons.

 

Our research shows that for most of the year, India’s gold demand has been in a calm and depressed state. However, driven by festivals and economic reopening, the country’s gold demand has recently begun to rebound, thereby pushing up. The local gold price.Nevertheless, India's gold imports so far this year are still about 55% lower than the same period last year. Swiss gold exports to other Asian markets are still sluggish. No gold is exported to mainland China, only half a ton of gold is exported to Hong Kong, China.At the same time, Swiss gold exports to the United States increased by nearly one-third in October, to just under 18 tons, making the country the third largest export destination for Swiss gold, accounting for 20%, but this is still far Lower than the level earlier this year.In terms of imports, Switzerland imported 166 tons of gold in October, down 15% from the previous month. This is mainly due to a sharp drop in imports from Hong Kong, China, from 38 tons in September to just under 12 tons.Hong Kong lost its position as the largest gold supplier for Swiss refineries, and its share fell to 7% from 19% a month ago.In addition, some Latin American countries, including Peru and Chile, had a decline in gold supply in October. The gold supply of these two countries accounted for 20% of Switzerland's total gold imports in September.Gold imports from Peru fell by 29% to just over 13 tons, while Chile’s gold supply halved to less than 10 tons, the lowest point in six months.In stark contrast, gold imports from Argentina surged 56% in October to 18 tons, a record high in 5 months, making Argentina the largest gold supplier in Switzerland that month, accounting for Switzerland’s total gold imports. Of 11%.

 

Source:https://finance.sina.com.cn/money/nmetal/hjzx/2020-11-25/doc-iiznezxs3626055.shtml