Global gold imports reached a total of US$491 billion in 2023, marking a substantial growth of 42.5% from 2019 when imports were valued at $333 billion. However, year-over-year growth remained relatively flat, with a slight 0.7% decrease compared to $487.4 billion in 2022.

The top five gold-importing countries in 2023 were Switzerland, mainland China, Hong Kong, the United Kingdom, and India. Together, these nations accounted for 70.3% of the world's total gold imports.

In terms of regional breakdowns, Asian countries dominated global gold imports, spending $287.5 billion—about 58.6% of the worldwide total. European countries followed with 34.9% of the market share. Notably, the European Union’s share was only 4.1% since leading importers like Switzerland and the United Kingdom are not part of the EU. Other regions contributed smaller portions: North America accounted for 5%, Oceania (primarily Australia) for 1.2%, Africa for 0.2%, and Latin America (excluding Mexico but including the Caribbean) for 0.1%.

For research purposes, the Harmonized Tariff System (HTS) code for gold is 7108.

Gold Imports by Country in 2023:

1. Switzerland: US$102.3 billion (20.8% of total gold imports)

2. Mainland China: $92.1 billion (18.8%)

3. Hong Kong: $59.9 billion (12.2%)

4. United Kingdom: $48.1 billion (9.8%)

5. India: $42.6 billion (8.7%)

6. Türkiye: $30 billion (6.1%)

7. United Arab Emirates: $23.9 billion (4.9%)

8. United States: $15.1 billion (3.1%)

9. Singapore: $12.6 billion (2.6%)

10. Canada: $9.5 billion (1.9%)

11. Thailand: $8 billion (1.6%)

12. Italy: $6.7 billion (1.4%)

13. Australia: $5.7 billion (1.2%)

14. Germany: $4.9 billion (1%)

15. Saudi Arabia: $4.5 billion (0.9%)

Together, these 15 countries accounted for 94.9% of total global gold imports in 2023.

Among these, the markets experiencing the fastest growth were Hong Kong (up 57.4%), the United States (up 57.1%), Türkiye (up 46.9%), and mainland China (up 20.2%).

Some markets saw significant decreases in gold imports, led by the United Arab Emirates (down 59.9%), Germany (down 53.8%), Thailand (down 29.9%), and Singapore (down 29.1%).

Here are some of the major gold-importing companies in 2023:

1. MMTC PAMP India Pvt Ltd: 2.58%, $11,832.18 million

2. Siddhartha Logistics FTWZ Private Limited: 1.81%, $8,297.66 million

3. YES Bank Ltd: 1.66%, $7,626.15 million

4. Brinks India Private Limited: 1.4%, $6,421.08 million

5. HDFC Bank Ltd: 1.29%, $5,907.66 million

6. Brinks India Private Limited: 0.85%, $3,871.28 million

7. ICICI Bank Ltd: 0.8%, $3,661.1 million

8. M D Overseas Private Limited: 0.67%, $3,075.07 million

9. Kotak Mahindra Bank Limited: 0.42%, $1,917.99 million

10. Augmont Enterprises Private Limited: 0.4%, $1,850.82 million

These companies represent key players in the global gold trade from Tendata, managing significant import volumes in the international market.

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