China’s net gold imports via Hong Kong surged twofold in November – Commerzbank

China’s Gold Imports from Hong Kong See Modest Recovery in November

In November, China increased its net gold imports from Hong Kong to 16.2 tons, marking a twofold rise from October’s subdued figures. Despite this improvement, overall import volumes remained well below those seen in earlier months, signaling continued weak demand, according to Carsten Fritsch, a commodities analyst at Commerzbank.

Hong Kong Gold Exports Return to Previous Levels After October Surge

Data released by Hong Kong’s Statistics Department at the end of December revealed that while China’s net gold imports from Hong Kong doubled in November compared to October, they still lagged behind the higher numbers recorded earlier in the year.

The total gross imports stayed at 30.2 tons, mirroring October’s low. Meanwhile, gold exports from Hong Kong dropped back to just over 14 tons, aligning with the typical monthly figures prior to October’s spike. Between January and November 2025, China’s net gold imports from Hong Kong reached 191.7 tons—a decline of 45.5% compared to the same period the previous year.

While exports more than doubled year-over-year, imports decreased by a relatively modest 11%. The significant increase in gold prices last year dampened China’s appetite for imports and simultaneously encouraged higher exports due to softer domestic demand. Similar trends were observed in Swiss trade data, which also showed a notable reduction in gold shipments to both China and Hong Kong over the past year.