LONDON: Switzerland became a net exporter of gold for the first time in more than two years in February, data from the Swiss customs bureau showed on Tuesday, as shipments into the country fell to their lowest since April 2014.
Switzerland, a major trading, vaulting and refining centre for precious metals, reported net gold exports of 18,143 kg last month, against net imports of 99,194 kg in January and 108,072 kg in February 2017.
Argentina was the biggest source of Swiss gold imports by weight last month, shipping in 35,748 kg.
In value terms however its imports, worth 109 million Swiss francs ($114.64 million), were outstripped by those of the United Kingdom, which exported 8,178 kg of gold worth 328 million Swiss francs, and the United Arab Emirates, which shipped 7,956 kg of gold worth 321 million Swiss francs.
UK exports to Switzerland were down by a third month-on-month, while imports from the UAE were two-thirds lower.
Swiss gold exports rose 63 percent year on year, meanwhile, with shipments to China hitting their highest since December 2016 at 66,000 kg, three times the previous February's total.
Exports to Hong Kong slipped by just over a fifth to 19,000 kg, while shipments to India reached 27,775 kg, nearly double the previous month's total but down by a quarter year on year.
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