China’s net Gold imports from Hong Kong double in November – Commerzbank

China’s net Gold imports from Hong Kong rose to 16.2 tons in November, doubling October’s weak level, but overall imports remained low compared to previous months, reflecting muted demand, Commerzbank’s commodity analyst Carsten Fritsch notes.

Gold exports from Hong Kong fall back after October spike

“At the end of December, the Hong Kong Statistics Department reported data on Gold trading between Hong Kong and China in November. According to this, China’s net Gold imports from Hong Kong rose to 16.2 tons, which was double the very weak level of the previous month. Compared to preceding months, imports were still low.”

“This is also evident from the gross figure, which remained at the low October level at 30.2 tons. Exports, on the other hand, fell back to the level of previous months of just over 14 tons after rising in October. In the first eleven months of 2025, net imports totaled 191.7 tons. This was 45.5% lower than in the same period of the previous year.”

“Exports rose to more than double the previous year’s level, while imports fell by “only” 11%. The sharp rise in the price of Gold last year slowed China’s import demand and at the same time led to stronger exports because demand was weaker. Data from Switzerland had already shown a similar picture, with significantly lower Gold deliveries to China and Hong Kong last year.”