Published
in Economy
In 2023, Switzerland, United Arab Emirates, and the United Kingdom emerged as the leading exporters of gold. These countries dominated the market, contributing significantly to the global gold trade.
In 2023, Switzerland maintained its position as the leading exporter of gold, commanding a substantial 18.93% of the global market. The country's refined gold, known for its quality, was a major contributor to its enduring dominance in gold exports.
Trailing Switzerland, the United Arab Emirates and the United Kingdom secured the second and third spots with 8.16% and 5.74% of global gold exports, respectively. The UAE's strategic geographical location and trade-friendly policies accentuated its rapid rise in the gold export sector, while the UK sustained its presence with a continued focus on quality.
Canada and the United States also played significant roles in the global gold market, with shares of 5.49% and 5.10% respectively. Together, these countries highlight a diversified market for gold, underpinned by varying production capabilities and economic contexts.
While major exporters dominate the market, a plethora of countries combined, such as Egypt with 0.35% and Australia with over 5%, contribute to a total share that approaches the remaining 43%, showcasing the wide dispersion and influence of other players in the global gold trade.
Switzerland leads in gold exports due to its advanced refining capabilities, high-quality standards, and strategic trading position, making it a trusted hub for gold processed for global markets.
The UAE's rise is attributed to its strategic location, trade-friendly policies, and robust infrastructure which facilitate efficient distribution networks linking Asia and Europe.
Smaller countries, while individually contributing less than 1% each, collectively account for a significant portion of the market. This highlights their roles in regional markets and diverse production sources that supplement larger exporters.
