• Analysis and Studies
• Gold: import and export (1)

Gold is a valuable metal known for its beauty, rarity, and distinct properties. With the chemical symbol Au, gold is highly malleable, ductile, and resistant to corrosion, making it ideal for crafting jewelry and coins.

Today, gold remains essential in several areas: it is primarily used in jewelry and as an investment, often seen as a safe asset during times of economic uncertainty and is crucial in technology due to its excellent conductivity and corrosion resistance, making it indispensable in electronics and medical applications.

Economically, gold plays a strategic role: central banks hold it as a stable reserve asset, and it’s widely used as a hedge against inflation and currency volatility. However, gold mining has environmental and ethical challenges, such as deforestation and the issue of conflict gold: these concerns have led to initiatives for more responsible and sustainable sourcing in the gold industry.

In 2022, gold was the world's 7th most traded product, with a total trade of $478B, and between 2021 and 2022 the exports grew by 9.38%, from $437B to $478B.

In 2022 the most significant exporter of gold was Switzerland, with a trade of $101B, followed by United States ($37.5B), United Arab Emirates ($32.8B), United Kingdom ($32.1B), and South Africa ($22.7B). Switzerland was also the country which imported gold the most, with a trade of $94.9B, ahead of China ($67.6B), United Arab Emirates ($57.1B), United Kingdom ($38.7B), and India ($35.8B).

This graphic highlights the interconnected nature of the global gold trade, with Switzerland at its heart. This country leads the export market, with a pivotal role for refining and redistributing gold to key markets, particularly in Asia (China, India, and Turkey emerged as primary consumers, driven by strong cultural and economic demand).

The United States and United Kingdom play important roles in the gold supply chain, with significant exports directed to Switzerland and then on to Asia. The United Arab Emirates acts as a crucial regional hub, linking Middle Eastern markets to the global gold trade, while South Africa remains a key supplier to China and India.

1. Switzerland (21.1%): 27.2% China, 12.8% India, 10.9% Turkey, 8.06% United States, 6.28% Germany, 5.26% Thailand, 3.58% Singapore, 3.14% United Kingdom, 2.7% United Arab Emirates, 2.63% Hong Kong
2. United States (7.84%): 56.8% Switzerland, 18.9% United Kingdom, 4.88% India, 4.86% Singapore, 4.13% Canada, 3.19% Hong Kong, 2.5% Australia, 0.89% United Arab Emirates
3. United Arab Emirates (6.86%): 25.3% Switzerland, 18.1% Hong Kong, 10.4% Turkey, 9.8% India, 8.01% Kuwait, 2.27% Singapore, 0.36% United Kingdom
4. United Kingdom (6.71%): 54.8% China, 14% United Arab Emirates, 6.49% Austria, 5.65% Switzerland, 5.09% Germany, 4.18% Singapore, 3.9% Hong Kong, 2.09% Turkey
5. South Africa (4.74%): 39.1% China, 24.9% Switzerland, 14.7% India, 7.16% United Arab Emirates, 2.65% Hong Kong, 2.5% Turkey, 1.69% United Kingdom, 1.55% Singapore

 We can observe a broad-based approach for the import portfolios. Switzerland solidifies its position as a key player in the global gold market, importing mainly from the United States, the United Arab Emirates, and several African and mining countries like Burkina Faso and South Africa.

China receives most of its gold from Switzerland, the United Kingdom and South Africa, while the United Arab Emirates, serving as a significant regional hub, sources gold from diverse suppliers. Meanwhile, the United Kingdom imports from North America and Kazakhstan, and India relies heavily on Swiss gold along with supplies from other gold-rich nations.

1. Switzerland (19.9%): 22.4% United States, 8.73% United Arab Emirates, 6.24% Burkina Faso, 5.93% South Africa, 3.92% Philippines, 3.91% Russia, 3.23% Australia, 2.31% Canada, 2.06% Peru
2. China (14.1%): 40.8% Switzerland, 26% United Kingdom, 13.1% South Africa, 8.37% Australia, 4.6% Hong Kong
3. United Arab Emirates (11.9%): 9.77% Mali, 9.4% Russia, 8.2% Ghana, 7.89% United Kingdom, 7.82% Zimbabwe, 4.8% Switzerland, 4.3% Guinea, 4.01% Sudan, 3.91% Niger, 2.84% South Africa, 2.04% Guyana, 1.59% Hong Kong, 1.17% Peru, 0.87% Bolivia
4. United Kingdom (8.09%): 19.5% Canada, 18.3% United States, 17% Kazakhstan, 8.84% Philippines, 5.85% Russia, 3.61% Spain, 2.11% Brazil, 0.99% South Africa
5. India (7.49%): 36.3% Switzerland, 9.3% South Africa, 8.99% United Arab Emirates, 6.75% Guinea, 6.32% Bolivia, 5.32% Peru, 5.11% United States, 4.29% Ghana, 3.52% Australia

Between 2021 and 2022, the fastest growing exporter was Switzerland, with an increase of $14.6B, ahead of United States ($10.9B), Philippines ($7.58B), Kazakhstan ($5.73B), and Ghana ($4.24B).

1. Switzerland: from $86.8B to $101B
2. United States: from $26.5B to $37.5B
3. Philippines: from $1.32B to $8.9B
4. Kazakhstan: from $4B to $9.73B
5. Ghana: from $5.29B to $9.53B

Whereas as regards imports, they grew the fastest in China, with an increase of $32B, followed by Turkey ($14B), United Arab Emirates ($11.1B), Switzerland ($10.6B), and Thailand ($2.97B).

1. China: from $35.6B to $67.6B
2. Turkey: from $4.94B to $19B
3. United Arab Emirates: from $46B to $57.1B
4. Switzerland: from $84.4B to $94.9B
5. Thailand: from $8.05B to $11B

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