11.2 C
New York
Saturday, October 23, 2021

Swiss gold exports slide to lowest on record in 2017-customs data

Swiss gold exports slide to lowest on record in 2017-customs dataLONDON: Swiss gold exports fell last year to their lowest since the records became public in 2012, while imports slipped to their weakest since 2014.

In 2017 Switzerland, a major trading, vaulting and refining centre for precious metals, imported 2.35 tonnes of gold, 15 percent less than the previous year, while exporting 1.56 tonnes of the metal, down by a fifth.

India took over from the United Kingdom as the biggest recipient of Swiss gold exports last year, with its imports rising by a quarter year on year to 406,417 kg. Exports to major gold consumers China and Hong Kong fell.

The UK was the biggest source of gold imports into Switzerland last year, with 317,951 kilograms tonnes shipped. London is also a major vaulting centre for gold.

Argentina was close behind in tonnage terms, through its exports were of much lower value than the UK’s, at 1.099 billion Swiss francs ($1.18 billion) versus 12.444 billion Swiss francs.

Hong Kong’s gold exports to Switzerland rose 20 percent to 189,887 kg.

Copyright Reuters, 2018

Source: Brecorder.com

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -

Latest Articles

Popular Articles