China steps up gold imports in 2022, Russia gold imports rise

  • 25-Jan-2023
  • China steps up gold imports in 2022, Russia gold imports rise

As per the latest notification, China increased its gold purchases from Russia and Switzerland last year. In 2022, Swiss gold shipments to China reached four-year highs, with China importing 524 tonnes of gold, valued at over $33 billion. 

According to the most recent import export data, Swiss customs records show that this is a significant increase from the 354 tonnes reported in 2021 and the highest level since 2018.

The People's Bank of China increased its gold purchases towards the end of the previous year as well, purchasing 30 tonnes in December after purchasing 32 tonnes in November. This was the bank's first purchase that was formally recorded since September 2019. China now has 2,010 tonnes of gold in its possession.

Economic uncertainty, concerns about inflation, and lower gold prices in 2022 all encouraged more country purchases. Last year, Swiss exports to Thailand, Singapore, and Turkey also reached multi-year highs. The largest center for the refining of gold is thought to be in Switzerland.

According to export import data, the Swiss exports to India, which were 507 tonnes in 2021, decreased to 224 tonnes in 2022. 

Singapore increased its gold purchases from Switzerland by more than double from 2021 to 69 tonnes, the most since 2017. Thailand made the most purchases since 2013 with 92 tonnes. Additionally, Switzerland sent 188 tonnes to Turkey, which was a record-breaking amount dating back to 2012.

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