The data on Swiss trade in
precious metals for January 2014 have been broken down by country for
the first time in 30 years, report swissinfo.ch and vaterland.li. It
shows that Switzerland imports most of its gold, silver and precious
coins from the UK, while its main export markets are in Asia. Total
exports were over 5.3 billion euros in January, while imports were worth
almost 6 billion euros.
The press release by the Swiss
Federal Customs Administration has the breakdown by country. Source:
Swiss Customs press release, exchange rate via oanda.com.
The data also shows that that
trade in gold bars grew rapidly after around 2005, and that Switzerland
now exports gold bars worth over CHF 100 billion a year. Swiss trade in
gold bars, billion CHF. Source: Swiss customs press release.
No explanation is given in the
press release for this sudden growth since 2005. Given that Switzerland
is a commodities hub and not a producer there was most likely a change
in trade regulations or taxation around this time.
Original source: SNBCHF.com
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