Скачать или смотреть Why China’s Gold Imports Crashed in October | Prices, Taxes & Weak Jewellery Demand

China’s net gold imports through Hong Kong fell by nearly 64% in October, signalling weaker retail and wholesale demand as elevated global gold prices continue to pressure buyers. According to Hong Kong Census and Statistics Department data:

📉 Import Breakdown
• Total imports: 30.08 tons in October, down from 36.28 tons in September
• Net imports: Down ~64% MoM, reflecting reduced buying interest
• Swiss gold exports to China: Collapsed 93% to just 2.1 tons
High gold prices have been squeezing jewellery and industrial demand throughout China, contributing to the sharp decline.
💰 Tax Policy Impact
On November 1, China ended a value-added tax exemption for certain gold purchases on the Shanghai Gold Exchange and Shanghai Futures Exchange.
This move is expected to increase costs for jewellers and manufacturers, further weighing on demand.
🏦 PBOC Still Buying Gold
Despite weaker retail demand, the People’s Bank of China continued to expand its reserves:
• October marked the 12th consecutive month of gold purchases
• Holdings rose to 74.09 million fine troy ounces, up from 74.06 million in September
This indicates ongoing long-term strategic accumulation by Beijing even as short-term consumer demand cools.

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