Gold Exports by Country

December 11, 2018 by

Gold bullion bars (courtesy of Pixabay.com)

Gold bullion (Pixabay)

Global sales from gold exports by country totaled US$321.3 billion in 2017. Overall the value of gold exports fell by an average -32.8% for all exporting countries since 2013 when gold shipments were valued at $477.9 billion.

From 2016 to 2017, the value of global gold exports depreciated by -4.5%.

Among continents, Asian countries accounted for the highest value for gold exports during 2017 with shipments amounting to $117.8 billion or 36.7% of the worldwide total. European exporters generated 31.6% worth of gold exports, while 11.7% was shipped from North America. Gold suppliers in Latin America excluding Mexico but including the Caribbean came in at 6.4%, trailed by Africa at 8.1% then Oceania at 4.9% led by Australia and Papua New Guinea.

The 4-digit Harmonized Tariff System code prefix for unwrought or semi-manufactured gold is 7108.

Gold Exports by Country

Countries

Below are the 15 countries that exported the highest dollar value worth of gold during 2017.

  1. Switzerland: US$67.9 billion (21.1% of total gold exports)
  2. Hong Kong: $52.2 billion (16.2%)
  3. United States: $19.8 billion (6.2%)
  4. United Kingdom: $17 billion (5.3%)
  5. United Arab Emirates: $16.6 billion (5.2%)
  6. Canada: $13.2 billion (4.11%)
  7. Australia: $13.1 billion (4.07%)
  8. Singapore: $11.5 billion (3.6%)
  9. Japan: $8.4 billion (2.6%)
  10. Peru: $7 billion (2.2%)
  11. Turkey: $6.6 billion (2.1%)
  12. Ghana: $5.9 billion (1.82%)
  13. Thailand: $5.7 billion (1.78%)
  14. South Africa: $5 billion (1.6%)
  15. Germany: $4.7 billion (1.5%)

The listed 15 countries shipped about four-fifths (79.3%) of all gold exports in 2017.

Among the above countries, the fastest-growing gold exporters since 2013 were: Singapore (up 855.5%), Turkey (up 97.2%), Japan (up 82%) and Thailand (up 74.6%).

Those countries that posted declines in their exported gold sales were led by: United Kingdom (down -78.5%), Switzerland (down -47.8%), United States (down -37.8%), Germany (down -36.4%) and Hong Kong (down -31.5%).

For a comprehensive listing of gold exporters, please see the section Searchable List of Gold Exporting Countries below.

Advantages

The following countries posted the highest positive net exports for gold during 2017. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the surplus between the value of each country’s gold exports and its import purchases for that same commodity.

  1. Hong Kong: US$22.8 billion (net export surplus down -209% since 2013)
  2. Australia: $8.8 billion (down -2.9%)
  3. United States: $8.7 billion (down -49.4%)
  4. Japan: $8.3 billion (up 140%)
  5. Canada: $7.7 billion (up 20.1%)
  6. Peru: $7December 10, 2018 billion (down -14.3%)
  7. Ghana: $5.9 billion (up 9.2%)
  8. South Africa: $4.7 billion (down -28.7%)
  9. Mexico: $4.3 billion (down -23.8%)
  10. Uzbekistan: $3.7 billion (up 107.7%)
  11. Guinea: $3.3 billion (up 246.4%)
  12. Brazil: $2.8 billion (up 5%)
  13. Russia: $2.4 billion (down -57.7%)
  14. Argentina: $2.3 billion (up 22.4%)
  15. Papua New Guinea: $2.1 billion (up 5.6%)

Hong Kong has the highest surplus in the international trade of gold among the above top exporters. In turn, this positive cashflow confirms Hong Kong’s strong competitive advantage in the international trade of this specific commodity.

Opportunities

The following countries posted the highest negative net exports for gold during 2017. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the deficit between the value of each country’s gold import purchases and its exports for that same commodity.

  1. China: -US$50.9 billion (net export deficit in 2017 but no 2013 data)
  2. India: -$33.9 billion (down -3.9% since 2013)
  3. United Kingdom: -$17.5 billion (reversing a $63.9 billion surplus)
  4. United Arab Emirates: -$16.3 billion (down -8%)
  5. Turkey: -$10 billion (down -15.3%)
  6. Thailand: -$5.4 billion (down -53.5%)
  7. Malaysia: -$3 billion (down -5.1%)
  8. Cambodia: -$2.8 billion (up 3,371%)
  9. Saudi Arabia: -$2 billion (down -52.8%)
  10. Switzerland: -$1.91 billion (reversing an $11.3 billion surplus)
  11. South Korea: -$1.63 billion (up 2,397%)
  12. Singapore: -$1.58 billion (up 215.8%)
  13. Italy: -$1.5 billion (reversing a $443.9 million surplus)
  14. Taiwan: -$1.04 billion (down -19.1%)
  15. Austria: -$1 billion (down -35.4%)

China incurred the highest deficit in the international trade of gold. In turn, this negative cashflow highlights China’s strong competitive disadvantage for this specific product category but also signals opportunities for gold-supplying countries that help satisfy the powerful demand among Chinese consumers and businesses.

Companies

Gold Exporting Companies

Listed below are the world’s largest gold companies by market capitalization (which shifts often and dramatically due to the fact that many of these are stock companies). Shown within parentheses is the country where the corporation is headquartered.

  • Barrick Gold (Canada)
  • Newmont Mining (United States)
  • Goldcorp (Canada)
  • Polyus Gold International (United Kingdom)
  • AngloGold Ashanti (South Africa)
  • Newcrest Mining (Australia)
  • Kinross Gold (Canada)
  • Gold Fields Ltd (South Africa)
  • Agnico-Eagle Mines (Canada)
  • Buenaventura (Peru)
  • Harmony Gold (South Africa)
  • Randgold Resources (Jersey)
  • Yamana Gold (Canada)


 

Searchable List of Gold Exporting Countries

You can change the presentation order by clicking the triangle icon at the top of any of the columns below.

RankExporter2017 Gold Exports%World Total
1.Switzerland$67.9 billion21.1%
2.Hong Kong$52.2 billion16.2%
3.United States$19.8 billion6.2%
4.United Kingdom$17 billion5.3%
5.United Arab Emirates$16.6 billion5.2%
6.Canada$13.2 billion4.11%
7.Australia$13.1 billion4.07%
8.Singapore$11.5 billion3.6%
9.Japan$8.4 billion2.6%
10.Peru$7 billion2.2%
11.Turkey$6.6 billion2.1%
12.Ghana$5.9 billion1.82%
13.Thailand$5.7 billion1.78%
14.South Africa$5 billion1.6%
15.Germany$4.7 billion1.5%
16.Mexico$4.4 billion1.4%
17.Uzbekistan$3.7 billion1.1%
18.Guinea$3.3 billion1%
19.Brazil$2.8 billion0.9%
20.Russia$2.4 billion0.7%
21.Argentina$2.3 billion0.7%
22.India$2.2 billion0.7%
23.Egypt$2.1 billion0.7%
24.Papua New Guinea$2.1 billion0.7%
25.Italy$2.1 billion0.7%
26.Iraq$1.9 billion0.6%
27.Indonesia$1.9 billion0.6%
28.Burkina Faso$1.8 billion0.6%
29.Colombia$1.8 billion0.6%
30.Libya, State of$1.7 billion0.5%
31.Dominican Republic$1.5 billion0.5%
32.Tanzania$1.5 billion0.5%
33.Sudan$1.5 billion0.5%
34.Spain$1.3 billion0.4%
35.France$1.2 billion0.4%
36.Philippines$1.2 billion0.4%
37.Netherlands$1.2 billion0.4%
38.Suriname$1.1 billion0.3%
39.Venezuela$1 billion0.3%
40.Bolivia$1 billion0.3%
41.Mali$1 billion0.3%
42.Belgium$991.1 million0.3%
43.Côte d'Ivoire$843.6 million0.3%
44.Yemen$784.4 million0.2%
45.Kyrgyzstan$700.4 million0.2%
46.Sweden$667.2 million0.2%
47.Mongolia$661 million0.2%
48.Chile$657.5 million0.2%
49.Guyana$640 million0.2%
50.Austria$599.7 million0.2%
51.South Korea$557.8 million0.2%
52.Saudi Arabia$538 million0.2%
53.China$469.8 million0.1%
54.Curaçao$431.4 million0.1%
55.Namibia$427.8 million0.1%
56.Taiwan$418.4 million0.1%
57.Uganda$415.7 million0.1%
58.Lebanon$401.2 million0.1%
59.Senegal$375.9 million0.1%
60.New Zealand$363.5 million0.1%
61.Nicaragua$328.4 million0.1%
62.Mauritania$311.9 million0.1%
63.Rwanda$310.7 million0.1%
64.Finland$264.5 million0.1%
65.Luxembourg$251.1 million0.1%
66.Zimbabwe$226.6 million0.1%
67.Portugal$190.9 million0.1%
68.Poland$178.5 million0.1%
69.Ecuador$167.6 million0.1%
70.Tajikistan$156.9 million0.05%
71.Laos$154.8 million0.05%
72.Armenia$145 million0.05%
73.Cambodia$143.2 million0.04%
74.Eritrea$139.9 million0.04%
75.Azerbaijan$125.4 million0.04%
76.Czech Republic$123.5 million0.04%
77.Ethiopia$111.1 million0.03%
78.Slovakia$109.7 million0.03%
79.Honduras$103.6 million0.03%
80.Somalia$100.1 million0.03%
81.Chad$96.9 million0.03%
82.Zambia$95 million0.03%
83.Norway$94.8 million0.03%
84.Malaysia$86.6 million0.03%
85.Madagascar$84.7 million0.03%
86.Afghanistan$79.6 million0.02%
87.Panama$77 million0.02%
88.Georgia$70.8 million0.02%
89.Morocco$60.3 million0.02%
90.Democr. Rep. Congo$58.6 million0.02%
91.Fiji$57.8 million0.02%
92.Hungary$54.6 million0.02%
93.Jordan$47.1 million0.01%
94.Estonia$46.7 million0.01%
95.Niger$46.5 million0.01%
96.Bahrain$45.9 million0.01%
97.Uruguay$43.7 million0.01%
98.Denmark$39.7 million0.01%
99.Israel$38.3 million0.01%
100.Burundi$36.9 million0.01%
101.Botswana$35.9 million0.01%
102.Togo$34.5 million0.01%
103.Gabon$33.3 million0.01%
104.Costa Rica$32.2 million0.01%
105.Serbia$29.9 million0.01%
106.Croatia$29.6 million0.01%
107.Cayman Islands$26.8 million0.01%
108.Ukraine$24.5 million0.01%
109.Cyprus$24 million0.01%
110.St Maarten (Dutch)$22.8 million0.01%
111.Oman$22.6 million0.01%
112.Benin$22.4 million0.01%
113.Slovenia$22.1 million0.01%
114.Greece$18.7 million0.01%
115.Bulgaria$17.7 million0.01%
116.Equatorial Guinea$15 million0.005%
117.Kenya$13.1 million0.004%
118.Kuwait$12.9 million0.004%
119.Qatar$11.2 million0.003%
120.Ireland$11 million0.003%
121.Brunei Darussalam$9.9 million0.003%
122.Paraguay$9.7 million0.003%
123.Lithuania$8.3 million0.003%
124.Latvia$7.2 million0.002%
125.Andorra$7 million0.002%
126.Mauritius$3.7 million0.001%
127.Mozambique$3.6 million0.001%
128.Solomon Islands$3.3 million0.001%
129.Central African Rep$3 million0.001%
130.Angola$2.8 million0.001%
131.Vietnam$2.4 million0.001%
132.British Virgin Islands$1.9 million0.001%
133.Comoros$1.6 million0.0005%
134.Djibouti$1.4 million0.0004%
135.Barbados$1.1 million0.0004%
136.Bangladesh$1.1 million0.0003%
137.Tunisia$927,0000.0003%
138.Syrian Arab Republic$809,0000.0003%
139.Malta$797,0000.0002%
140.Moldova$643,0000.0002%
141.Congo$627,0000.0002%
142.Turkmenistan$558,0000.0002%
143.Sri Lanka$479,0000.0001%
144.Cameroon$351,0000.0001%
145.Bosnia/Herzegovina$343,0000.0001%
146.Macedonia$319,0000.0001%
147.Trinidad/Tobago$275,0000.0001%
148.Bahamas$216,0000.0001%
149.New Caledonia$106,0000.00003%
150.Jamaica$88,0000.00003%
151.Aruba$50,0000.00002%
152.US Minor Outlying Is$45,0000.00001%
153.El Salvador$44,0000.00001%
154.Guatemala$17,0000.00001%
155.Iceland$10,0000.000003%
156.Saint Lucia$5,0000.000002%
157.Kazakhstan$3,0000.000001%

See also Gold Imports by Country, Silver Exports by Country, Platinum Exports by Country and Palladium Exports by Country

Research Sources:
The World Factbook, Field Listing: Exports – Commodities, Central Intelligence Agency. Accessed on December 10, 2018

Trade Map, International Trade Centre. Accessed on December 10, 2018

Investopedia, Net Exports Definition. Accessed on December 10, 2018

Wikipedia, Largest gold companies. Accessed on December 10, 2018

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 10, 2015



Filed Under: Precious metals, Top products