Switzerland is the world’s largest gold exporter, accounting for 23% of global gold exports in 2022. The United Kingdom is the second-largest gold exporter, accounting for 16.7% of global gold exports in 2022. The United States is the third-largest gold exporter, accounting for 8.5% of global gold exports in 2022.
In this article, we will look into the list of the top 10 gold exporting countries along with their export value.
List of Top 10 Gold Exporting Countries
The below table lists the top 10 gold exporting countries along with their export value:
| Ranking | Country | Export Value |
| 1 | Switzerland | $ 86,700 |
| 2 | UAE | $ 32,800 |
| 3 | United Kingdom | $ 29,700 |
| 4 | United States | $ 26,600 |
| 5 | South Africa | $ 20,100 |
| 6 | Russia | $ 19,100 |
| 7 | Singapore | $ 18,600 |
| 8 | Australia | $ 17,600 |
| 9 | Hong Kong | $ 14,300 |
| 10 | Mali | $ 9,030 |
1. Switzerland
Switzerland is recognized as the largest gold-exporting nation by value, a position it has maintained consistently since 2016.
In 2021, Switzerland exported gold worth $86.7 billion, accounting for nearly 20% of total global gold exports. Switzerland is also the leading gold importer by value. The main destinations for Swiss gold exports include India, China, the United States, Germany, and Hong Kong. In 2021, Switzerland exported $29.3 billion worth of gold to India, $16 billion to China, $8.13 billion to the United States, $5.8 billion to Germany, and $4.67 billion to Hong Kong. The gold industry significantly impacts the Swiss economy, employing over 40,000 people and generating more than $20 billion in revenue in 2021.
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2. United Arab Emirates
In 2021, the United Arab Emirates (UAE) exported $32.8 billion worth of gold, making it the second-largest gold exporter that year.
The primary destinations for UAE gold exports include Switzerland ($7.47 billion), India ($7.03 billion), Hong Kong ($6.55 billion), Saudi Arabia ($2.96 billion), and Turkey ($1.52 billion). Although the UAE does not mine gold, it has been purchasing unrefined gold from African countries since 2006. The UAE features top-tier refinery, storage, and trading facilities within DMCC free zones. Dubai, often referred to as the “City of Gold,” has a rich history with gold and jewelry dating back to its establishment as a significant trading port in the 18th century.
3. United Kingdom
In 2021, the United Kingdom exported gold valued at $29.7 billion, representing about 15% of global gold exports.
The main markets for UK gold exports were Switzerland, the United Arab Emirates, Germany, Singapore, and Spain. The exports primarily consist of semi-manufactured gold forms, such as bars, coins, and jewelry, with a substantial amount of gold waste and scrap also exported. Gold exports play a crucial role in the UK economy, contributing £29.7 billion in 2021. The UK government is dedicated to supporting the gold industry through various policies, including the Gold Bullion Trading Tax Relief.
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4. United States
The United States holds the position of the fourth largest gold exporter, with an estimated 250 metric tons of gold exported in 2023, accounting for about 6.4% of the global gold export market.
Additionally, the United States is the fourth largest gold producer, with reserves totaling 190.2 tonnes. Nevada is the leading gold-producing state in the U.S., responsible for 80% of the nation’s gold production in 2021. The primary gold-exporting nations include Switzerland, the United Arab Emirates, the United Kingdom, and the United States. Factors such as supply and demand, economic conditions, and geopolitical events influence gold prices, which have remained relatively stable, trading between $1,200 and $1,400 per ounce in recent years.
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5. South Africa
In 2021, South Africa’s gold exports amounted to $20.1 billion, ranking it as the fifth-largest gold exporter in the world.
The majority of South African gold exports are directed to China, India, Switzerland, the United Kingdom, and the United Arab Emirates. The Witwatersrand Basin in the Gauteng province is recognized as the largest gold-bearing region in the world, hosting several significant gold mines, including the Driefontein and Beatrix mines. In 2021, South Africa produced 88,883 kilograms of gold, establishing itself as the fifth-largest gold-producing country.
6. Russia
In 2021, Russia exported gold worth $19.1 billion, with major export destinations including the United Kingdom, Singapore, Switzerland, Kazakhstan, and Italy.
In 2022, the United Kingdom emerged as the top export destination for Russian gold. The company Polyus, established in 2006, produced approximately 86 metric tons of gold in Russia in 2021 and operates the largest gold mine in the country, known as Olimpiada. Russia possesses the second-largest gold reserves globally, with 6.8 thousand metric tons in 2021. The country exported 302 metric tons of gold in 2021, a decrease from 320 metric tons in 2020, with gold comprising 3.52% of Russia’s total exports.
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7. Singapore
Singapore ranks as the seventh-largest gold-exporting nation, exporting gold worth $18.6 billion in 2021.
Additionally, Singapore is a significant gold-importing country, with imports totaling $17.7 billion in 2022, solidifying its role as a key hub in the global gold trade. The main markets for Singapore’s gold exports include Cambodia, China, Malaysia, India, and Indonesia, while the primary sources of gold imports are Switzerland, Australia, and the United Kingdom. The gold trade plays a vital role in Singapore’s economy, providing employment, generating tax revenue, and enhancing the nation’s foreign exchange reserves. Singapore is also home to several gold refineries and bullion banks.
8. Australia
Australia stands as the eighth largest gold exporter, with exports valued at $17.6 billion in 2021.
The leading destinations for Australian gold exports are China, Hong Kong, Singapore, India, and Switzerland. The gold sector significantly contributes to Australia’s economy, representing over 50% of the country’s total exports and accounting for 8% of its gross domestic product (GDP). This industry employs more than 250,000 individuals and generates billions of dollars in annual revenue. Most of Australia’s gold production occurs in Western Australia, which contributes over 68% of the nation’s total gold output, with Queensland, New South Wales, and Victoria also being notable gold-producing regions.
9. Hong Kong
In 2021, Hong Kong’s gold exports reached $14.3 billion, making it the 9th largest exporter of gold worldwide.
The primary markets for Hong Kong’s gold exports include China, Switzerland, Thailand, Indonesia, and Singapore. Between 2020 and 2021, the fastest-growing export markets for gold from Hong Kong were China ($2.18 billion), Thailand ($683 million), and Indonesia ($268 million). In the same year, Hong Kong also imported $27.5 billion in gold, ranking as the 6th largest importer globally. The main sources of gold imports include the United Arab Emirates ($6.55 billion), Switzerland ($4.67 billion), China ($2.93 billion), the United States ($2.8 billion), and Australia ($2.33 billion).
10. Mali
In 2021, Mali recorded gold exports worth $9.03 billion, positioning it as the 10th largest gold exporter globally.
Gold was Mali’s primary export in 2021, constituting over 80% of the country’s total export value. In 2019, it accounted for approximately three-quarters of the nation’s official export earnings and around a quarter of its fiscal resources. Mali ranks as at least the fourth-largest gold producer in Africa, with some reports suggesting it may be third. Large-scale operations by multinational corporations like Barrick, Randgold, and Resolute are responsible for producing the industrial gold found in Mali.
FAQs on the Top 10 Gold Exporting Countries
Which Country is the Largest Exporter of Gold?
Switzerland is recognized as the leading gold exporter in the world, thanks to its significant gold production and trading operations.
Which is the Largest Gold Exporting Country to India?
Switzerland also ranks as the top gold exporter to India. In the last fiscal year, shipments from Switzerland to India rose by 7.8%, totaling $18.2 billion.
Who is the Largest Importer of Gold in the World?
In 2022, Switzerland emerged as the largest gold importer globally, representing 22.6% of all gold imports around the world.
Name the Top 5 Gold Exporting Countries.
The leading gold-exporting countries in 2023 are:
- China
- Australia
- Russia
- United States
- South Africa
What Contributes to Australia’s High Position in Gold Exports?
Australia’s status as a top gold exporter is bolstered by its vast gold reserves, cutting-edge mining technology, and a well-established mining sector.
Why is Russia a Major Player in the Global Gold Market?
Russia’s substantial gold reserves, along with a robust mining industry and government policies that promote gold production, play a key role in its significant presence in the global gold market.
What Factors Influence the United States’ Position in Gold Exports?
The United States’ gold exports are affected by its domestic gold mining activities, fluctuations in gold prices, and the worldwide demand for gold as a safe-haven investment.