China’s gold imports through Hong Kong reached their lowest point in nearly three years in January, with a significant drop in jewelry exports as well, according to the latest data from Hong Kong’s government.
In January, China imported a total of 13.816 metric tons of gold through Hong Kong. This marked the lowest level since April 2022, down from 25.007 tons in December, representing a 44.8% month-over-month decline, the Hong Kong Census and Statistics Department reported on Tuesday.
It’s important to note that the data from Hong Kong might not fully capture China’s total gold imports, as the precious metal is also brought in through other ports like Shanghai and Beijing.
In addition, recent Swiss customs data revealed a dramatic 99% drop in gold exports to China from Switzerland year-over-year.
Jewelry and other gold and silver product exports from Hong Kong also saw a decline in January. This continues the ongoing downturn in the global jewelry trade, which has been affected by record-high gold prices.
Shipments of jewelry and goldsmiths’ and silversmiths’ items fell 4.8% year-over-year in January. Over the past three months, they dropped 8.4%, according to data from the Hong Kong Census and Statistics Department.
Hong Kong’s imports of jewelry and similar products also fell by 9.6% compared to January last year, as well as from November 2024 to January 2025.
Jewelry exports from Hong Kong ended 2024 on a weak note, with a 4.4% decline for the year and a sharp 8.3% drop in December.
As the world’s leading consumer of gold, China plays a significant role in shaping global gold prices.
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