Gold: Switzerland leads international trade

Switzerland was placed as the largest exporter and importer of gold in the world in 2021, with purchases of 92,108 million dollars and sales of 86,623 million.

Its largest export destinations were India ($29.42 billion), China ($15.865 million), and the United States ($8.927 million).

Other relevant exporters at a global level were Hong Kong, the United Arab Emirates, the United States and Russia.

Meanwhile, among other prominent importers were the United Arab Emirates, the United States and Hong Kong.

Gold prices ended 2021 at $1,806 an ounce, above the annual average for the year, and remained strong in the first few months of 2022.

Overall gold demand was strong in 2021, with the World Gold Council reporting a 10% year-on-year rise in the year, led by gains in the jewelry and technology sectors and purchases by global central banks.


According to the Barrick company, there was a significant positive change in global jewelry consumption in 2021 due to a stronger economic outlook after purchases were significantly affected by Covid-19 in the previous year, with consumption increasing worldwide of 52% compared to 2020.

China and India, which account for about 61% of global jewelry consumer demand combined, led the way and accounted for most of the increase.

Compared with the previous year, China’s consumption level increased 63 percent and India’s consumption level increased 93 percent.

Gold demand for electronics and other industrial uses increased 10% in 2021, after declining in 2020 due to reduced manufacturing activity and demand for electronics as a result of the spread of Covid-19.

Barrick projects that a further return to pre-pandemic manufacturing activity and a continued increase in demand for 5G infrastructure could help boost demand in 2022 and beyond.

Central bank purchases rose 82% year-on-year, but remained below the long-term peak of net purchases made in 2018 and 2019.

The World Gold Council reports that central banks added 463 tonnes to their reserves during 2021, marking the 12th consecutive year of net purchases.

During 2020, some central banks viewed their gold holdings as a source of liquidity in difficult economic times as a result of the global pandemic, and their ability to do so provided a strong statement as to why gold is a valuable reserve asset and source of liquidity. reserve diversification key.

The strong year-over-year increase in net purchases in 2021 shows that central banks continue to view gold positively.

At the same time, overall gold supply in 2021 declined 1%, the second consecutive year of declines, primarily attributable to an 11% drop in recycled gold tempered by a modest 2% increase in mine supply.


Redacción Opportimes

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