Switzerland is ramping up its gold exports

In April, Switzerland once again shipped a lot of gold to countries around the globe, especially to China and the US. This follows from the Swiss Federal Customs’ foreign trade report for April, which includes data on gold imports and exports.

It’s worth remembering that Swiss refining facilities supply up to two-thirds of all purified investment-grade gold for the global market. This means that Swiss data gives a good idea about the international demand for gold and large transactions with this precious metal.

According to the report, in April 2023 China received 52 tons of gold from Switzerland. The demand has been huge since January: 204 tons shipped since the start of 2023.

Interestingly, almost 26 tons were shipped to the US in April. This could be due to the demand from the US commodity futures exchange, COMEX, which requires gold bars weighing 1 kilogram and 100 ounces. The London gold market, on the other hand, needs bars of 400 ounces. Both exchanges are now working on improving their collaboration.

By contrast, India and Turkey received much less gold than in the preceding months: 7 and 1.5 tons, respectively. Between January and March, Switzerland shipped 112 tons of gold to Turkey.

The overall exports of Swiss gold in April amounted to 112.97 tons worth 6.66 billion Swiss francs or 6.85 billion euro. This is 63% more than in April 2022, but 21% less than in March 2023.

We’re seeing a similar picture when it comes to gold imports. It reached 153.7 tons - up 50% relative to April 2023 but 34% less than in March.

The countries that supplied the most gold to Switzerland were the UAE (16 tons), USA (12 tons), and the former Soviet Republics of Uzbekistan (11 tons) and Kyrgyzstan (9 tons).

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