China’s gold imports from HK rise almost 100% y-o-y in July and nearly 345% in Jan-July
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Hong Kong’s gold shipments to China nearly doubled in July from a year earlier, while exports in the first seven months of this year exceeded total 2011 volumes, indicating China is well on its way to surpass India as the world’s largest gold consumer in 2012.
In July, Mainland China’s gold imports via Hong Kong soared sharply by 98.84% year-on-year and grew 12% on the month to 75.84 tonnes, the second-highest level so far this year after April, according to the latest export data released by Census and Statistics Department of the Hong Kong government.
The figure is an improvement from the 68 tonnes imported in June, but significantly less than a record 103.64 tonnes hit in April. The mainland bought 38.14 tonnes of gold from Hong Kong a year earlier.
Over the first seven months of 2012, gold imports by China through Hong Kong jumped to 458.628 tonnes from 103.09 tonnes during the same period last year, compared to a total of 427.889 tonnes in 2011, the government data showed.
In the first half of 2012, China’s consumer gold demand rose 3% from a year earlier to 400.1 tonnes, overtaking India’s consumption of 388.6 tonnes, the World Gold Council said in a report. Last year, India’s gold demand reached 961.4 tonnes, compared to China’s 771.2 tonnes.
2012-09-25 14:48:25
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