China increases gold imports in 2022: Swiss gold imports hit 4-year high, Russian gold imports rise

(Kitco News) According to the latest published import data, China imported more gold from Switzerland last year and increased gold purchases from Russia.

Swiss gold exports to China reached a four-year high in 2022, with China receiving 524 tons of gold worth about $33 billion. This is a huge increase from the 354 tonnes reported in 2021 and the biggest increase since 2018, according to Swiss customs data.

Focusing on retail investment and jewelery demand, China is the world’s top consumer of gold, followed by India.

In a separate data set released by Russia’s customs agency over the weekend, China also increased its purchases of Russian gold. Local Russian media reported that China bought 6.6 tons of gold from Russia in 2022, a 67 percent increase over 2021.

China’s central bank also increased its gold purchases at the end of last year, buying 30 tonnes of gold in December, after buying 32 tonnes in November – the People’s Bank of China’s first official purchase since September 2019. China’s gold reserves. Currently, the total is 2010 tons.

Falling gold prices in 2022, economic uncertainty and inflationary concerns led to more purchases from countries.

Switzerland’s exports to Turkey, Singapore and Thailand also reached their highest level in the last few years. Switzerland is known as the largest gold refining center in the world.

Singapore imported 69 tonnes of gold from Switzerland, more than double the total for 2021 and the most purchases since 2017. Thailand bought 92 tons, the most since 2013.

Switzerland also exported 188 tons to Turkey, the highest in 2012.

Meanwhile, Swiss exports to India fell from 507 tonnes in 2021 to 224 tonnes in 2022.

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