In 2023, Switzerland was the leading importer of gold valued at $82.87 billion, followed by China at $63.98 billion and the UK at $57.95 billion. The UAE, Hong Kong, and India followed, with import values of $32.17 billion, $29.54 billion, and $22.94 billion, respectively. The U.S., Turkey, Canada, and Germany rounded out the top 10. Over the last two years, there's been noticeable growth in gold imports driven by increasing demand for gold as a hedge against economic instability. The CAGR over the past five years showcases a steady rise across most of these countries.
Future trends to monitor include the impact of global economic conditions on gold demand, particularly in China and India, which are major markets. Moreover, technological advancements, such as blockchain for gold tracking and potential economic reforms influencing trade policies, will also play crucial roles in shaping the import landscape.
Top countries in Top Importers of Gold
| # | 10 Countries | Million US Dollars | Last Year | |
|---|---|---|---|---|
| 1 | 1 Switzerland | 82,870 | 2016 | |
| 2 | 2 China | 63,980 | 2016 | |
| 3 | 3 United Kingdom | 57,950 | 2016 | |
| 4 | 4 United Arab Emirates | 32,170 | 2016 | |
| 5 | 5 Hong Kong | 29,540 | 2016 | |
| 6 | 6 India | 22,940 | 2016 | |
| 7 | 7 United States | 16,470 | 2016 | |
| 8 | 8 Turkey | 6,460 | 2016 | |
| 9 | 9 Canada | 5,600 | 2016 | |
| 10 | 10 Germany | 5,470 | 2016 |
