(Kitco News) – China's gold imports via Hong Kong fell to their lowest level in nearly three years last month, while jewelry exports from the territory also declined in January, according to the latest government data.
The total gold imported by China through Hong Kong totaled 13.816 metric tons in January – their lowest level since April 2022 – the Hong Kong Census and Statistics Department announced on Tuesday. Imports were down from 25.007 tons in December, representing a 44.8% month-over-month decline.
The Hong Kong data may not provide a complete picture of Chinese gold purchases, as the precious metal is also imported via Shanghai and Beijing.
Last week, Swiss customs data showed gold exports to China from Switzerland plunged 99% year-over-year.
Meanwhile, Hong Kong’s exports of jewelry and other gold and silver products also continued to decline in January, underlining the ongoing downtrend in the global jewelry trade amid record-breaking bullion prices.
Shipments of jewelry, goldsmiths’ and silversmiths’ wares fell 4.8% year-over-year in January, and 8.4% over the last three months, the latest data from Hong Kong’s Census and Statistics Department showed.
Hong Kong’s imports of these categories also fell 9.6% year-on-year in January, and the same amount from November 2024 to January 2025.
Hong Kong’s jewelry exports ended last year on a low note after declining 4.4% in 2024 and 8.3% in December alone.
China is the world's leading consumer of gold, and its market significantly influences global gold prices.
