Chinese Gold Imports via Hong Kong Hit New Record in 2013

Mineweb reported that in 2013, Chinese gold imports via Hong Kong reached a new record; however, there is some uncertainty about the total amount imported. Reuters believes 1,158 tonnes were brought in, while Bloomberg thinks 1,109 tonnes; Mineweb’s view is that the total falls somewhere between those two amounts.

As quoted in the market news:

Since Hong Kong is actually a Special Administrative Region of China, we also publish gross figures (i.e. not discounting re-exports from  Mainland China back to Hong Kong) – and this suggests China as a whole (i.e. Including Hong Kong) will have imported a little under 1500 tonnes of gold in 2013.

But again, as we have pointed out here before, China also imports gold through other land, sea and air border points, which are not officially quantified by the Chinese, and we suspect total imports may well have been in excess of 2,000 tonnes for the year.  Taken with China’s own gold mine and smelter byproduct output (currently estimated at around 430 tonnes for 2013) this brings China’s total gold consumption to say 2,430 tonnes in 2013, representing around 85% of last year’s global mined gold output – quite probably higher!

Click here to read the full Mineweb report.