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Current Affairs: Swiss Gold Exports to China and India hit multi-year highs

Swiss Gold Exports to China and India Hit Multi-Year Highs

Context:

Swiss gold exports rose last year to their highest since 2018 as demand for bullion in China and India, the biggest consumer markets, recovered from a collapse early in the COVID-19 pandemic.

Relevance:

GS III- Indian Economy, Facts for prelims

Details:

  • The coronavirus crisis upended the bullion market in 2020, hammering jewellery sales while triggering a rush among investors to stockpile gold, which is traditionally seen as a safe place to store wealth.
  • Switzerland is the world’s largest gold refining centre and transit hub.
    • India: In 2021, exports to India surged to 507 tonnes, up from 148 tonnes in 2020 and the most since 2015.
    • China: Shipments to mainland China reached 275 tonnes, up from 30.5 tonnes in 2020 and the highest since 2018.
    • Hongkong: Exports to Hong Kong rose to 79 tonnes, up from 27 tonnes in 2020 and the highest since 2018.
  • The data suggests a weaker demand recovery in China than in India. Between 2012, when Swiss figures became available, and 2019, Switzerland exported 400 tonnes of gold a year on average to India and about 600 tonnes a year to mainland China and Hong Kong combined.
  • Swiss shipments to the U.S. fell to 113 tonnes in 2021 from 508 tonnes in 2020. Exports to
  • Britain declined to 76 tonnes from 130 tonnes.

-Source: The Hindu

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September 2022
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