(Kitco News) – Switzerland’s gold exports fell 18% in February from the previous month to the lowest levels since last August’s tariff-induced collapse as shipments to Britain and India slowed, Swiss customs data showed on Thursday.
Deliveries to the UK – the world’s largest over-the-counter gold trading hub – from Switzerland – the world’s largest bullion refining and transit hub – fell to 20 tonnes last month from 43 tonnes in January.
Meanwhile, exports to India, the world’s number-two bullion consumer after China, fell to 13 tonnes in February from 23 tonnes the prior month, with gold trading at a discount in the local market amid subdued consumer demand.
Switzerland’s bullion exports have been watched even more closely than usual over the last six months after the country’s massive bullion sector was upended by a shock U.S. customs ruling that appeared to impose tariffs on its exports of gold bars last August.
Gold exports to the U.S. nearly stopped altogether during the month, with customs data showing shipments from Switzerland dropping over 99% to only 0.3 tonnes in August 2025 compared to July’s figures.
The global gold market was left reeling after the Financial Times published an article on August 6, revealing that the United States had imposed import tariffs on gold bars from Switzerland.
According to a letter from U.S. Customs and Border Protection dated July 31st, one-kilogram and 100-ounce gold bars would be classified under a customs code that subjects them to costly tariffs, with Switzerland's 39% tariff rate among the highest the Trump administration has imposed.
The White House responded the following day that it would “clarify misinformation” regarding the gold tariffs, and early the following week, President Trump announced on social media that “Gold will not be Tariffed!”
However, the tariff exemption for gold bars was only formalized in early September, meaning that gold shipments to the United States did not normalize until then.
Switzerland exported a record $36 billion in gold to the United States in Q1 2025, with the bullion exports making up over two-thirds of its quarterly trade surplus with the U.S.
Total Swiss exports to the U.S., adjusted for seasonal swings, were 22% lower in August than the prior month, the data showed.
Meanwhile, Swiss gold shipments to China more than tripled in August, reaching their highest level since May 2024, while exports to India also rose.
