Switzerland is the world’s largest gold exporter, accounting for 23% of global gold exports in 2022. The United Kingdom is the second-largest gold exporter, accounting for 16.7% of global gold exports in 2022. The United States is the third-largest gold exporter, accounting for 8.5% of global gold exports in 2022.
In this article, we will look into the list of the top 10 gold exporting countries along with their export value.
List of Top 10 Gold Exporting Countries
The below table lists the top 10 gold exporting countries along with their export value:
|
Ranking |
Country |
Export Value |
|---|---|---|
|
1 |
Switzerland |
$ 86,700 |
|
2 |
UAE |
$ 32,800 |
|
3 |
United Kingdom |
$ 29,700 |
|
4 |
United States |
$ 26,600 |
|
5 |
South Africa |
$ 20,100 |
|
6 |
Russia |
$ 19,100 |
|
7 |
Singapore |
$ 18,600 |
|
8 |
Australia |
$ 17,600 |
|
9 |
Hong Kong |
$ 14,300 |
|
10 |
Mali |
$ 9,030 |
10. Mali
In 2021, Mali exported $9.03 billion in gold, making it the 10th largest gold exporter in the world.
- In 2021, gold was the first most exported product in Mali, making up over 80% of total exports.
- Gold is Mali’s most valuable export, accounting for around three-quarters of official export earnings in 2019. The metal contributes to around a quarter of the country’s fiscal resources.
- Mali is at least the fourth largest gold producer in Africa, with some reports placing it third.
- Large mines operated by transnational firms like Barrick, Randgold, or Resolute produce Mali’s industrial gold.
9. Hong Kong
In 2021, Hong Kong exported $14.3B in gold, making it the 9th largest exporter of gold in the world.
- The main destinations of gold exports from Hong Kong are China, Switzerland, Thailand, Indonesia, and Singapore.
- The fastest growing export markets for Gold of Hong Kong between 2020 and 2021 were China ($2.18B), Thailand ($683M), and Indonesia ($268M).
- In 2021, Hong Kong imported $27.5B in Gold, becoming the 6th largest importer of Gold in the world.
- At the same year, Gold was the 4th most imported product in Hong Kong. Hong Kong imports Gold primarily from: United Arab Emirates ($6.55B), Switzerland ($4.67B), China ($2.93B), United States ($2.8B), and Australia ($2.33B).
8. Australia
Australia is the eighth largest exporter of gold in the world, exporting $17.6 billion worth of gold in 2021.
- The main destinations of Australia’s gold exports are China, Hong Kong, Singapore, India, and Switzerland.
- The gold industry is a major contributor to the Australian economy, accounting for over 50% of the country’s total exports and 8% of gross domestic product (GDP).
- The industry employs over 250,000 people and is responsible for generating billions of dollars in revenue each year.
- The majority of Australia’s gold is produced in Western Australia, which accounts for over 68% of the country’s total gold mine output. Other major gold producing states include Queensland, New South Wales, and Victoria.
7. Singapore
Singapore is the world’s seventh-largest gold-exporting country, with exports worth US$18.6 billion in 2021.
- It is also a major gold-importing country, with imports worth US$17.7 billion in 2022. This makes Singapore a major hub for the global gold trade.
- The main destinations for Singapore’s gold exports are Cambodia, China, Malaysia, India, and Indonesia. The main sources of Singapore’s gold imports are Switzerland, Australia, and the United Kingdom.
- The gold trade plays an important role in the Singaporean economy. It provides jobs, generates tax revenue, and contributes to the country’s foreign exchange reserves.
- Singapore is also home to a number of gold refineries and bullion banks.
6. Russia
In 2021, Russia exported $19.1 billion in gold, with the United Kingdom, Singapore, Switzerland, Kazakhstan, and Italy being the main destinations.
- In 2022, the United Kingdom was the leading export destination for Russian gold.
- In 2021, Polyus, a public joint-stock company (PJSC) founded in 2006, produced about 86 metric tons of gold in Russia. Polyus also operates the country’s largest gold mine, Olimpiada.
- Russia has the second largest mine gold reserves in the world, with 6.8 thousand metric tons in 2021.
- In 2021, Russia exported 302 metric tons of gold, down from 320 metric tons in 2020. In 2021, gold made up 3.52% of Russia’s total exports.
5. South Africa
In 2021, South Africa exported $20.1 billion in gold, making it the world’s fifth-largest gold-exporting country.
- The majority of South Africa’s gold is exported to China, India, Switzerland, the United Kingdom, and the United Arab Emirates.
- The Witwatersrand Basin, located in the Gauteng province of South Africa, is the world’s largest gold-bearing area.
- The basin is home to a number of large gold mines, including the Driefontein Gold Mine and the Beatrix Gold Mine.
- In 2021, South Africa produced 88,883 kilograms of gold, making it the world’s fifth-largest gold-producing country.
4. United States
The United States is the fourth largest gold exporting country in the world, exporting an estimated 250 metric tons of gold in 2023. This represents about 6.4% of the world’s total gold exports.
- The United States is also the fourth largest gold producer in the world, with reserves of 190.2 tonnes. The state of Nevada is the leading gold-producing state in the nation, accounting for 80% of the country’s gold production in 2021.
- The top gold exporting countries in the world are Switzerland, United Arab Emirates, United Kingdom, and United States.
- The price of gold is determined by a number of factors, including supply and demand, economic conditions, and geopolitical events.
- The price of gold has been relatively stable in recent years, trading in a range of $1,200 to $1,400 per ounce.
3. United Kingdom
In 2021, the UK exported $29.7 billion worth of gold, which was about 15% of the global total.
- The main destinations for UK gold exports were Switzerland, the United Arab Emirates, Germany, Singapore, and Spain.
- The UK’s gold exports are mainly in the form of semi-manufactured gold, such as bars, coins, and jewellery. The UK also exports a significant amount of gold waste and scrap.
- The UK’s gold exports are an important part of the UK economy. In 2021, gold exports contributed £29.7 billion to the UK economy.
- The UK government is committed to supporting the UK gold industry. The government has a number of policies in place to support the industry, such as the Gold Bullion Trading Tax Relief.
2. UAE
In 2021, the United Arab Emirates (UAE) exported $32.8 billion in gold, making it the second-largest gold exporter in 2021.
- The UAE’s main destinations for gold exports are Switzerland ($7.47 billion), India ($7.03 billion), Hong Kong ($6.55 billion), Saudi Arabia ($2.96 billion), Turkey ($1.52 billion).
- The UAE does not mine gold itself, but it has been buying unrefined gold from African states since 2006.
- The UAE has a world-class refinery, storage, and trading facilities in DMCC freezing zones.
- Dubai, also known as the “City of Gold”, has had a long history with gold and jewellery, starting with its status as a major trading port in the 18th century.
1. Switzerland
Switzerland is the world’s largest gold exporting country by value, and has been consistently since 2016.
- In 2021, the country exported $86.7 billion worth of gold, which was almost 20% of the world’s total gold exports. Switzerland is also the world’s largest importer of gold by value.
- The main destinations of gold exports from Switzerland are India, China, the United States, Germany, and Hong Kong.
- In 2021, Switzerland exported $29.3 billion worth of gold to India, $16 billion to China, $8.13 billion to the United States, $5.8 billion to Germany, and $4.67 billion to Hong Kong.
- The gold industry is an important part of the Swiss economy. In 2021, the gold industry employed over 40,000 people in Switzerland and generated over $20 billion in revenue.
People Also View:
- Top 10 Meat Exporting Countries in the World
- Top 10 Milk Producing Countries in the World
- Top 10 Rice Producing Countries in the World
- Top 10 Coal Producing Countries in the World
FAQs on Top 10 Gold Exporting Countries
Which Country is the Largest Exporter of Gold?
Switzerland holds the title for being the largest exporter of gold globally, benefiting from its smajor gold production and trading activities.
Which is the Largest Gold Exporting Country to India?
The largest gold exporting country to India is Switzerland. During the last fiscal year, shipments from Switzerland to India increased by 7.8%, reaching $18.2 billion.
Who is the Largest Importer of Gold in the World?
Switzerland was the world’s largest importer of gold based on value in 2022, accounting for 22.6 percent of all gold imports worldwide.
Name the top 5 Gold Exporting Countries.
The top 5 gold exporting countries in 2023 are:
- China
- Australia
- Russia
- United States
- South Africa
What contributes to Australia’s high position in gold exports?
Australia’s abundant gold reserves, advanced mining technology, and well-established mining industry contribute to its position as one of the top exporters of gold.
Why is Russia a major player in the global gold market?
Russia’s major gold reserves, combined with its strong mining sector and government policies supporting gold production, contribute to its significant presence in the global gold market.
What factors influence the United States’ position in gold exports?
The United States’ gold exports are influenced by its domestic gold mining industry, fluctuations in gold prices, and global demand for gold as a safe-haven asset.