Top 10 Gold Exporting Countries in 2025/6

Gold exporting countries play a pivotal role in the global economy, supplying this precious metal for everything from central bank reserves to jewelry manufacturing and investment products.

As a timeless store of value, gold exports influence international trade balances, currency stability, and even geopolitical dynamics.

In an era of economic uncertainty, understanding the top 10 gold exporting countries in 2025 is essential for investors, jewelers, and policymakers alike.

These nations drive the supply chain, often refining and re-exporting gold mined elsewhere, contributing billions to their economies.

Why do gold exports matter? They underpin the global economy by supporting industries like electronics, where gold’s conductivity is irreplaceable, and jewelry, which accounts for nearly half of global demand. Gold also serves as a hedge against inflation and a safe-haven asset during market volatility.

With gold prices hovering around record highs in 2025, export volumes and values have surged, reflecting increased demand from major importers like China and India.

This article dives into the top 10 gold exporting countries in 2025, based on the latest 2024 data, highlighting their export values, volumes, and key influences.

Methodology: How the Ranking Is Determined

To ensure accuracy and transparency, this ranking of the top 10 gold exporting countries in 2025 is based primarily on export value in U.S. dollars (USD), as this metric captures the economic impact more comprehensively than volume alone.

Export value accounts for fluctuations in gold prices, which averaged around $75 million per ton in 2024, up significantly from previous years due to inflationary pressures and geopolitical tensions.

Data sources include reputable organizations such as the World Gold Council (WGC), UN Comtrade database, and national trade authorities like the U.S. Geological Survey (USGS) and the International Trade Centre.

For this analysis, we drew from 2024 trade statistics compiled by World’s Top Exports, which aggregates UN Comtrade data, supplemented by WGC reports for production insights. The timeframe covers the full calendar year 2024, the most recent complete dataset available as of December 2025.

Volume estimates (in tons) are derived by dividing export values by country-specific average unit prices reported in the data, providing a balanced view.

This approach builds trust by relying on verified, third-party sources, avoiding self-reported figures that could be inflated. Note that rankings can shift annually due to factors like mining output, refining capacity, and trade policies—hence our emphasis on fresh, 2025-relevant insights.

Table: Top 10 Gold Exporting Countries (Featured Snippet Chance)

Below is a comprehensive table summarizing the top 10 gold exporting countries in 2025, ranked by 2024 export value. This includes estimated export volumes (calculated from average unit prices), major markets, and year-over-year changes for context.

Rank	Country	Gold Export Value (USD)	Export Volume (Tons, Est.)	Major Markets	YoY Change
1	Switzerland	$116.4 billion	~1,558	China, India, UK	+8.5%
2	United Kingdom	$65.9 billion	~867	Switzerland, US, Hong Kong	+1%
3	Hong Kong	$56.6 billion	~743	China, India, Thailand	+40.3%
4	United Arab Emirates	$53.4 billion	~686	India, Switzerland, Turkey	+1.1%
5	United States	$29.7 billion	~398	Switzerland, UK, Canada	+14%
6	Canada	$28.0 billion	~371	US, UK, India	+36.9%
7	Australia	$23.6 billion	~311	China, Hong Kong, Japan	+25%
8	Japan	$17.9 billion	~229	Hong Kong, Thailand, US	+42.8%
9	Singapore	$17.4 billion	~238	India, Hong Kong, Malaysia	+38.4%
10	Germany	$15.0 billion	~213	Switzerland, Austria, UK	+74.1%

This table highlights the dominance of refining hubs like Switzerland and trading centers like Hong Kong, which often re-export gold. Global total gold export value reached approximately $588 billion in 2024, with these top 10 accounting for over 70%.

Country-by-Country Breakdown

1. Switzerland

Switzerland tops the list of gold exporting countries in 2025, with an export value of $116.4 billion in 2024, representing about 19.8% of global exports. This Alpine nation exported an estimated 1,558 tons, a volume bolstered by its world-class refining infrastructure.

Why does Switzerland lead? It’s home to major refineries like those in Ticino, processing gold from mines worldwide and re-exporting it in bars, coins, and semi-finished forms. Major trading partners include China (for industrial use), India (jewelry), and the UK (financial markets).

Switzerland’s neutral status and strict banking secrecy enhance its role in the global gold market, making it a trusted hub for central banks and investors. In 2024, exports grew 8.5% amid rising gold prices, solidifying its position.

2. United Kingdom

The UK ranks second among the largest gold exporters, with $65.9 billion in exports and an estimated 867 tons in 2024. London’s historic bullion market, including the London Metal Exchange, facilitates massive trade volumes.

The UK often re-exports refined gold, with key partners like Switzerland (for further processing), the US (investments), and Hong Kong (Asian distribution).

Its growth was modest at 1%, but the UK’s E-E-A-T in gold trading—backed by centuries of experience—makes it indispensable. The nation’s vaults hold significant reserves, supporting its export prowess despite not being a top producer.

3. Hong Kong

Hong Kong’s gold exports surged to $56.6 billion in 2024, up 40.3%, with an estimated 743 tons shipped. As a gateway to Asia, Hong Kong benefits from its free-port status and proximity to China, the world’s largest consumer.

Major markets include mainland China (electronics and reserves), India (jewelry), and Thailand (manufacturing). The territory’s role involves importing raw gold and exporting refined products, driven by demand in jewelry and investment sectors. Hong Kong’s efficient logistics and low tariffs amplify its influence in global gold trade.

4. United Arab Emirates

The UAE exported $53.4 billion worth of gold in 2024, equating to about 686 tons, with a slight 1.1% increase. Dubai’s Gold Souk and free zones make it a re-export powerhouse, processing African and South American gold.

Key buyers are India (for weddings and festivals), Switzerland (refining), and Turkey (jewelry). The UAE’s strategic location bridges East and West, and its focus on ethical sourcing has boosted credibility. Despite fluctuations, its export surplus of $28.6 billion underscores economic strength.

5. United States

The US, a top gold producer and exporter, recorded $29.7 billion in exports (398 tons) in 2024, up 14%. Domestic mining in Nevada and Alaska supports this, but re-exports play a role too.

Major markets include Switzerland (vaulting), the UK (trading), and Canada (cross-border trade). The US’s robust economy and Federal Reserve policies influence global prices, making its exports vital for investment demand.

6. Canada

Canada’s exports hit $28.0 billion (371 tons) in 2024, soaring 36.9% due to increased mining output. As the fourth-largest producer, Canada’s Ontario and Quebec mines feed exports to the US (industrial), UK (finance), and India (jewelry). Its commitment to sustainable mining enhances appeal in ethical markets.

7. Australia

Australia exported $23.6 billion (311 tons) in 2024, up 25%, leveraging its status as a top producer. Western Australia’s super pits supply China (reserves), Hong Kong (trade), and Japan (electronics). Strong environmental regulations bolster its global standing.

8. Japan

Japan’s $17.9 billion exports (229 tons) grew 42.8% in 2024. As a tech hub, it re-exports gold for electronics, targeting Hong Kong, Thailand, and the US. Japan’s precision refining adds value.

9. Singapore

Singapore exported $17.4 billion (238 tons), up 38.4%, as a Southeast Asian trade node. Markets include India, Hong Kong, and Malaysia for jewelry and investments.

10. Germany

Germany closed the top 10 with $15.0 billion (213 tons), up 74.1%. Its industrial base exports to Switzerland, Austria, and the UK, focusing on high-tech applications.

Gold Exporting vs Gold Producing Countries

While gold exporting countries focus on trade value, producers emphasize mining output. The difference? Exporters like Switzerland and UAE re-export refined gold, often importing more than they mine.

In 2024, global production was 3,300 tons, led by China (370 tons), Russia (310 tons), Australia (310 tons), Canada (200 tons), and the US (170 tons).

However, China exports little ($102 billion in some datasets but not top in others due to domestic consumption), while Switzerland mines negligible amounts but exports massively through refining.

Re-exports matter because they add value via processing, creating jobs and revenue. Countries exporting more than they produce, like Hong Kong, thrive on trade hubs.

Africa’s Role in Global Gold Exports

Africa is a powerhouse in gold production, contributing over 25% of global output, yet its export rankings lag due to re-exporting via Europe and Asia. Ghana, South Africa, Mali, and Burkina Faso are key players.

Ghana exported around $10 billion in 2024, focusing on artisanal and small-scale mining (ASM), which employs millions but faces environmental challenges.

South Africa, once the world’s top producer, exported $20 billion via industrial operations, routing through UAE refineries. Mali and Burkina Faso rely on ASM, exporting to Switzerland for LBMA certification.

Compliance with standards like the London Bullion Market Association (LBMA) ensures traceability, combating illicit trade. Africa’s export routes often involve Dubai or Europe, with potential for growth through better infrastructure.

Key Gold Export Markets & Buyers

Top gold importing countries in 2024 mirror exporters, with Switzerland ($105 billion), China ($102 billion), UK ($77 billion), Hong Kong ($65 billion), and India ($51 billion) leading.

Demand drivers include investment (bars/coins in Europe/US), jewelry (India/China, 50% of global use), and reserves (central banks).

Regions like Asia dominate due to cultural significance, while Europe focuses on finance. Volatility in demand affects exports—e.g., India’s festival season boosts UAE shipments.

Factors That Affect Gold Export Rankings

Gold export rankings fluctuate due to several factors. Gold prices: 2024’s average $2,300/oz drove values up. Mining output: Declines in South Africa hurt rankings. Sanctions & geopolitics: Russia’s exports dropped post-Ukraine conflict.

Refining capacity: Switzerland’s edge comes from advanced facilities. Government policies: Australia’s royalties support growth, while UAE’s tax incentives attract trade.

Legal & Ethical Considerations in Gold Exports

Ethical gold exports prioritize conflict-free sourcing under frameworks like the OECD Due Diligence Guidance. Assay certification verifies purity, while LBMA accreditation ensures responsibility.

International regulations, including the Kimberley Process for diamonds (analogous for gold), combat smuggling. Responsible sourcing mitigates environmental impacts and human rights issues in ASM-heavy regions like Africa.

FAQs about Gold Exporting Countries

Which country exports the most gold?

Switzerland leads with $116.4 billion in 2024 exports.

Is Switzerland the largest gold exporter?

Yes, by value, due to its refining dominance.

Which African country exports the most gold?

Ghana, with around $10 billion, followed by South Africa.

What is the difference between gold production and export?

Production is mining output; exports include re-processed gold, often exceeding domestic mining.

Which countries import the most gold?

Switzerland, China, UK, Hong Kong, and India top the list.

Conclusion 

In 2025, the top 10 gold exporting countries—led by Switzerland, the UK, and Hong Kong—continue to shape global trade amid rising prices and demand. Trends point to increased Asian influence and ethical sourcing, with potential shifts from geopolitics and sustainability efforts. For a future outlook, expect growth in African exports and tech-driven demand.

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