China's net Gold imports from Hong Kong significantly weaker vs previous year – Commerzbank
According to data from Hong Kong's statistics department, net Gold shipments from Hong Kong to China amounted to 22 tons in September, Commerzbank's commodity analyst Carsten Fritsch notes.
September gold shipments to China ease to 22 tons
"This was slightly less than in the previous month, which was already significantly below the July figure. Since the beginning of the year, China's net Gold imports from Hong Kong have been 45% lower than in the previous year. This is mainly due to the first three months of the year, when China exported more Gold to Hong Kong than it imported from there."
"On a gross basis, however, imports after nine months were only 7% below the previous year's level. The sharp decline in net imports is thus attributable to a significant increase in exports, which after nine months are almost three times higher than a year ago. In recent months, China has apparently imported significantly more Gold from Hong Kong than it needs, suggesting that demand is subdued."
"The sharp rise in prices is clearly having an impact here. Swiss Gold exports to China painted a similar picture, falling by a good 50% year-on-year after nine months, according to data from the Federal Customs Administration."
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FXStreet Insights Team
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