Which Country Exports the Most Gold in the World?

Basic Precious Metals May 28, 2018
Author: Sergey Avramenko
Head of Global Markets Research Team

Which Country Exports the Most Gold in the World?

IndexBox has just published a new report "World: Gold Including Gold Plated With Platinum - Market Report. Analysis and Forecast to 2025". Here is a summary of the report's key findings.

In 2016, the global imports of gold totaled 10K tonnes, reducing by -7.1% against the previous year figure. Overall, it indicated a prominent expansion from 2007 to 2016: the total imports volume increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period. Based on the result of 2016, gold imports decreased by -18.4% against its level of 2013. The most prominent rate of growth was recorded in 2013, when import increased by 27% year-to-year. In that year, global gold imports reached its maximum volume of 13K tonnes. From 2014 to 2016, growth of global gold imports stood at a somewhat lower level.

In value terms, gold imports amounted to $324B in 2016. In general, gold imports continue to indicate a strong increase. Global gold import peaked of $494B in 2013- however, from 2014 to 2016, it failed to regain its strength.

Top Gold Importing Countries in the World

1. Switzerland (82.9 billion USD)

2. China (64.0 billion USD)

3. United Arab Emirates (32.2 billion USD)

4. China, Hong Kong SAR (29.5 billion USD)

5. India (22.9 billion USD)

6. United Kingdom (19.8 billion USD)

7. USA (16.5 billion USD)

8. Turkey (6.5 billion USD)

9. Canada (5.6 billion USD)

10. Spain (0.2 billion USD)

Gold Imports By Country

In 2016, Switzerland (2.7K tonnes), distantly followed by China (1.6K tonnes), China, Hong Kong SAR (1K tonnes), United Arab Emirates (971 tonnes), India (662 tonnes), and the UK (526 tonnes) represented the major importers of gold, together committing 73% of total imports. The following importers - the U.S. (410 tonnes), Canada (408 tonnes), Spain (239 tonnes), and Turkey (178 tonnes) together made up 12% of total imports.

From 2007 to 2016, the most notable growth rate of gold imports, among the main importing countries, was attained by China (+33.0% per year), while the other global leaders experienced more modest paces of growth.

In value terms, Switzerland ($83B), China ($64B) and United Arab Emirates ($32B) constituted the countries with the highest levels of imports in 2016, with a combined 55% share of global imports.

China (+55.0% per year) experienced the highest rates of growth with regard to the gold imports, in terms of the main importing countries, over the last 9 years, while the other global leaders experienced more modest paces of growth.

Gold Import Prices By Country

In 2016, the average import price for gold amounted to $31K per kg, moving up by 5% against the previous year. Overall, gold import price continues to indicate a modest increase. The most prominent rate of growth was recorded in 2011, an increase of 18% y-o-y. Global gold import peaked of $41K per kg in 2012- however, from 2013 to 2016, it failed to regain its strength.

Import prices varied noticeably by country of destination. the country with the highest import prices was China ($40K per kg), while Spain ($817 per kg) was among the lowest.

From 2007 to 2016, the most notable growth rate of gold import prices was attained by China (+16.5% per year), while the other global leaders experienced more modest paces of growth.

Do you want to know more about global gold market? Get the latest trends and insight from our report. It includes a wide range of statistics on

  • gold market share
  • gold prices
  • gold industry
  • gold sales
  • gold import
  • gold export
  • gold market forecast
  • gold price forecast
  • key gold producers

All data provided in this article covers the following product: HS Code 7108 - Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form.

Source: World: Gold Including Gold Plated With Platinum - Market Report. Analysis and Forecast to 2025