Swiss gold exports down due to lower shipments to China, India
Swiss gold exports fell 2% in July from June as lower deliveries to China and India failed to compensate for a sharp growth in supplies to Turkey, Swiss customs data showed on Tuesday.
Switzerland is the world's biggest bullion refining and transit hub, while China and India are the largest consumer markets with local demand sensitive to high prices and time of the season.
Supplies to China fell by 19% in July to their weakest since May, 2022, while shipments to India slumped by 60% to their lowest level since April, 2023, the data showed.
Gold prices are down 3% so far in August, and local jewellers have begun making purchases for the upcoming festival season, according to local bullion dealers.
Shipments to Turkey, where demand has been strong amid high inflation, jumped by more than twofold in July and reached their highest level since February, 2023.
|
SWISS TOTAL GOLD EXPORTS (KG)* |
||
|
EXPORT |
|
|
|
Jul-23 |
114,884 |
|
|
Jun-23 |
117,724 |
|
|
Jul-22 |
186,158 |
|
|
EXPORTS TO KEY MARKETS (KG) |
||||
|
|
To China |
To Hong Kong |
To India |
To Turkey |
|
Jul-23 |
25045 |
42 |
9336 |
35049 |
|
Jun-23 |
30991 |
7396 |
23369 |
13134 |
|
Jul-22 |
80149 |
3679 |
15836 |
20128 |
Source: Swiss customs. Data subject to revision by source.