China’s appetite for Gold is slowing as imports fall to seven-month lows, while exports to Hong Kong surge, pushing net imports 45% below last year’s level, Commerzbank’s commodity analyst Carsten Fritsch notes.
Swiss exports to China drop over 90% in October
“The rise in the price of Gold to a record high in October has visibly slowed demand for Gold in China. A week ago, Swiss Gold exports showed a slump of more than 90% in deliveries to China in October.”
“Data published this week by the Hong Kong Statistics Department also showed a noticeable decline in China’s Gold imports. According to this data, net imports amounted to only 8 tons last month. This was the lowest level since March, when China exported even more Gold to Hong Kong than it imported from there.”
“Gross imports fell to a seven-month low of 30 tons, while exports rose to 22 tons, a seven-month high. After 10 months, China’s net imports from Hong Kong are 45% below the previous year’s level, with the decline mainly attributable to a sharp increase in exports, which rose by a good 160% year-on-year, while imports recorded only a slight decline of 6%.”