India Gold imports from Switzerland plunges by 60% m/m in June

INDIA July 21 2017 11:35 AM

NEW YORK (Scrap Register): Switzerland has exported large quantities of gold during the month of June this year, much of it to Asia, said Commerzbank in an analysis of the most recent Swiss data. 

The trade statistics did contain some surprises. For example, exports to China and Hong Kong climbed sharply – both year-on-year and month-on-month – to a combined total of 92.5 tons, putting them at their highest level so far this year.

However, gold exports to India slumped to 27.4 tons, 60% below May. Commerzbank pointed out that the Swiss trade figures contradict provisional data from the Indian Ministry of Finance, which put the country’s gold imports at 72 tonnes in June. 

Indian gold traders had bought above-average quantities of gold ahead of the goods and services tax on gold purchases that were introduced on 1 July.

“Evidently India imported a lot of gold from other countries this time,” analysts at Commerzbank added.