Gold: Movement
Why Switzerland, not a mining nation, leads the trade
What this tab covers How it flows between countries: the largest bilateral trade routes drawn on a world map, 2024 UN Comtrade export and import values with the top exporters and importers by share, plus shipping routes, chokepoints and trade restrictions.Unwrought gold (HS 7108) is one of the most valuable traded goods: world exports were about $502 billion in 2024. The leaders are refining and vaulting hubs, not mines: Switzerland (23.0%), the UK (13.0%) and Hong Kong (11.3%). Imports follow the same loop, led by Switzerland (18.9%), China (18.4%), the UK (13.7%), Hong Kong (11.7%) and India (10.3%). Doré flows from mines to Swiss refiners, large bars sit in London vaults, and smaller bars head to Asian buyers. Gold travels by air, so physical chokepoints matter little; import duties, refinery accreditation and sanctions on Russian bullion matter more.
Main trade routes, 2024
Chart: World map of the largest trade flows
Exporter (size = share of world exports) Importer (share of world imports) Largest bilateral flows (width = value) Shipping chokepoint UN Comtrade 2024, reported exports by the top four exporters of each traded form to their partners (US$). Bubbles: shares of reported world exports and imports for the main traded form. Hover a line or circle for values.