Gold Exports by Country

May 24, 2018 by

Gold bar glitter

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Global sales from gold exports by country totaled US$310.7 billion in 2017.

Overall the value of gold exports fell by an average -35% 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 -5.3%.

Among continents, Asian countries accounted for the highest value for gold exports during 2017 with shipments amounting to $119.6 billion or 38.5% of the worldwide total. European exporters generated 32.7% worth of gold exports, while 12.1% was shipped from North America.

Gold suppliers in Latin America (excluding Mexico) or the Caribbean came in at 6.2%, followed by Africa at 5.4% then Oceania at 5%.

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 (21.9% of total gold exports)
  2. Hong Kong: $52.2 billion (16.8%)
  3. United Arab Emirates: $20.7 billion (6.7%)
  4. United States: $19.8 billion (6.4%)
  5. United Kingdom: $17 billion (5.5%)
  6. Canada: $13.2 billion (4.3%)
  7. Australia: $13.1 billion (4.2%)
  8. Singapore: $11.5 billion (3.7%)
  9. Japan: $8.4 billion (2.7%)
  10. Peru: $7 billion (2.3%)
  11. Turkey: $6.6 billion (2.1%)
  12. Thailand: $5.7 billion (1.8%)
  13. South Africa: $5 billion (1.6%)
  14. Germany: $4.7 billion (1.5%)
  15. Mexico: $4.4 billion (1.4%)

The listed 15 countries shipped 82.9% of all gold exports in 2017.

Four of the above countries grew the value of its gold exports since 2013 namely Singapore (up 854.7%), 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%).

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 reversing a -$21 billion deficit in 2013)
  2. Australia: $8.8 billion (down -2.9% from 2017)
  3. United States: $8.7 billion (down -49.4%)
  4. Japan: $8.3 billion (up 140%)
  5. Canada: $7.7 billion (up 20.2%)
  6. Peru: $7 billion (down -14.3%)
  7. United Arab Emirates: $6.9 billion (reversing a -$17.8 billion deficit)
  8. South Africa: $4.7 billion (down -29.2%)
  9. Mexico: $4.3 billion (down -23.8%)
  10. Uzbekistan: $3.7 billion (up 107.7%)
  11. Ghana: $3.5 billion (down -34.5%)
  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 5.7%)

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. India: -US$24.8 billion (net export deficit down -29.6% since 2013)
  2. United Kingdom: -$17.4 billion (reversing a $63.9 billion surplus in 2013)
  3. Turkey: -$10 billion (down -15.3%)
  4. Thailand: -$5.4 billion (down -53.5%)
  5. Malaysia: -$3 billion (down -5.1%)
  6. Cambodia: -$2.8 billion (up 3,369%)
  7. Saudi Arabia: -$2 billion (down -52.8%)
  8. Switzerland: -$1.9 billion (reversing an $11.3 billion surplus in 2013)
  9. South Korea: -$1.6 billion (up 2,397%)
  10. Singapore: -$1.6 billion (up 214.9%)
  11. Italy: -$1.5 billion (reversing a $443.9 million surplus in 2013)
  12. Taiwan: -$1.04 billion (down -19.1%)
  13. Austria: -$1 billion (down -35.4%)
  14. Germany: -$731.3 million (reversing a $944.8 million surplus in 2013)
  15. Sri Lanka: -$649.4 million (up 286.4%)

India incurred the highest deficit in the international trade of gold. In turn, this negative cashflow highlights the UK’s strong competitive disadvantage for this specific product category but also signals opportunities for gold-supplying countries that help satisfy the powerful demand among Indian 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.SwitzerlandUS$67.9 billion21.9%
2.Hong Kong$52.2 billion16.8%
3.United Arab Emirates$20.7 billion6.7%
4.United States$19.8 billion6.4%
5.United Kingdom$17 billion5.5%
6.Canada$13.2 billion4.3%
7.Australia$13.1 billion4.2%
8.Singapore$11.5 billion3.7%
9.Japan$8.4 billion2.7%
10.Peru$7 billion2.3%
11.Turkey$6.6 billion2.1%
12.Thailand$5.7 billion1.8%
13.South Africa$5 billion1.6%
14.Germany$4.7 billion1.5%
15.Mexico$4.4 billion1.4%
16.Uzbekistan$3.7 billion1.2%
17.Ghana$3.5 billion1.1%
18.Brazil$2.8 billion0.9%
19.Russia$2.4 billion0.8%
20.Argentina$2.3 billion0.7%
21.Egypt$2.1 billion0.7%
22.Papua New Guinea$2.1 billion0.7%
23.Italy$2.1 billion0.7%
24.Indonesia$1.9 billion0.6%
25.Colombia$1.8 billion0.6%
26.Burkina Faso$1.8 billion0.6%
27.India$1.5 billion0.5%
28.Iraq$1.4 billion0.5%
29.Dominican Republic$1.3 billion0.4%
30.Spain$1.3 billion0.4%
31.France$1.2 billion0.4%
32.Philippines$1.2 billion0.4%
33.Netherlands$1.2 billion0.4%
34.Suriname$1.1 billion0.3%
35.Belgium$991.1 million0.3%
36.Guyana$765.8 million0.2%
37.Tanzania$724.8 million0.2%
38.Kyrgyzstan$700.4 million0.2%
39.Sweden$667.2 million0.2%
40.Mongolia$661 million0.2%
41.Chile$657.6 million0.2%
42.Bolivia$623.4 million0.2%
43.Mali$602.6 million0.2%
44.Austria$599.7 million0.2%
45.South Korea$557.8 million0.2%
46.Saudi Arabia$538 million0.2%
47.Guinea$480.3 million0.2%
48.Côte d'Ivoire$459.8 million0.1%
49.Taiwan$418.4 million0.1%
50.Uganda$415.7 million0.1%
51.Yemen$410.5 million0.1%
52.Curaçao$406.8 million0.1%
53.Lebanon$401.2 million0.1%
54.Nicaragua$372.4 million0.1%
55.New Zealand$363.2 million0.1%
56.Mauritania$311.9 million0.1%
57.Namibia$298.9 million0.1%
58.Senegal$282.3 million0.1%
59.Finland$264.5 million0.1%
60.Luxembourg$251.7 million0.1%
61.Portugal$190.9 million0.1%
62.Liberia$189.8 million0.1%
63.Poland$178.5 million0.1%
64.Ecuador$167.6 million0.1%
65.Tajikistan$156.9 million0.1%
66.Azerbaijan$155 million0.05%
67.Togo$153 million0.05%
68.Armenia$147 million0.05%
69.Cambodia$142.6 million0.05%
70.Czech Republic$124.1 million0.04%
71.Ethiopia$111.1 million0.04%
72.Slovakia$109.7 million0.04%
73.Honduras$105.9 million0.03%
74.Laos$103.7 million0.03%
75.Zambia$95 million0.03%
76.Norway$94.8 million0.03%
77.Malaysia$86.6 million0.03%
78.Madagascar$84.7 million0.03%
79.Panama$76.9 million0.02%
80.Georgia$70.8 million0.02%
81.Morocco$60.3 million0.02%
82.Fiji$57.2 million0.02%
83.Hungary$54.6 million0.02%
84.Jordan$47.1 million0.02%
85.Estonia$46.6 million0.02%
86.Uruguay$43.7 million0.01%
87.Iran$43.6 million0.01%
88.Israel$40.0 million0.01%
89.Denmark$39.7 million0.01%
90.Botswana$38.2 million0.01%
91.Libya$37.1 million0.01%
92.Costa Rica$32.2 million0.01%
93.Serbia$30 million0.01%
94.Croatia$29.8 million0.01%
95.Niger$28.8 million0.01%
96.Cayman Islands$26.8 million0.01%
97.Ukraine$24.5 million0.01%
98.Cyprus$24 million0.01%
99.Slovenia$23.9 million0.01%
100.St Maarten (Dutch)$22.8 million0.01%
101.Oman$22.6 million0.01%
102.Benin$22.4 million0.01%
103.Greece$18.6 million0.01%
104.Bulgaria$17.7 million0.01%
105.Venezuela$13.7 million0.004%
106.Kenya$13.1 million0.004%
107.Kuwait$12.9 million0.004%
108.Gabon$11.8 million0.004%
109.Ireland$11 million0.004%
110.Belarus$10.5 million0.003%
111.Paraguay$9.7 million0.003%
112.Lithuania$8.3 million0.003%
113.Latvia$7 million0.002%
114.Andorra$6.4 million0.002%
115.Swaziland$3.9 million0.001%
116.Mozambique$3.6 million0.001%
117.Sudan$3.3 million0.001%
118.Central African Rep$3 million0.001%
119.Equatorial Guinea$2.6 million0.001%
120.Vietnam$2.4 million0.001%
121.Myanmar (Burma)$2.3 million0.001%
122.Qatar$2.2 million0.001%
123.British Virgin Is$1.9 million0.001%
124.Sierra Leone$1.8 million0.001%
125.Barbados$1.1 million0.0004%
126.Solomon Islands$954,0000.0003%
127.Malta$797,0000.0003%
128.Moldova$643,0000.0002%
129.Aruba$562,0000.0002%
130.Rwanda$526,0000.0002%
131.Zimbabwe$515,0000.0002%
132.Sri Lanka$479,0000.0002%
133.Bosnia/Herzegovina$343,0000.0001%
134.Macedonia$319,0000.0001%
135.Trinidad/Tobago$274,0000.0001%
136.Congo$243,0000.0001%
137.Guinea-Bissau$225,0000.0001%
138.Bahamas$216,0000.0001%
139.Cameroon$182,0000.0001%
140.Democ. Rep. Congo$155,0000.0000%
141.New Caledonia$106,0000.00003%
142.Jamaica$88,0000.00003%
143.El Salvador$44,0000.00001%
144.Gambia$21,0000.00001%
145.Guatemala$17,0000.00001%
146.Iceland$10,0000.00000%
147.Kazakhstan$3,0000.000001%
148.Bermuda$1,0000.0000003%
149.
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151.
152.
153.
154.
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See also International Markets for Imported Gold 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 May 22, 2018

Trade Map, International Trade Centre. Accessed on May 22, 2018

Investopedia, Net Exports Definition. Accessed on May 22, 2018

Wikipedia, Largest gold companies. Accessed on May 22, 2018

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







Filed Under: Precious metals, Top products