Russia increased gold exports 8 times - 1BiTv.com

Russia increased gold exports 8 times

223.23 tons of gold were exported from Russia.


Russia increased gold exports 8 times


As Salvador Dali said: “The simplest way to break free from the power of gold is to have it in excess.”

The Greeks believed that gold is a dense combination of water and sunlight. In ancient times, gold meant strength, power and was shrouded in various myths. Gold is a noble metal, a product that is not subject to inflation. Since gold was considered a symbol of luxury and wealth, many wars occurred because of this, and new deposits completely changed the economies of individual regions or countries.

An analysis of gold exports (including platinum plated gold) is a HS code 7108, for 4 years (2016 - 2019) showed that 223.23 tons of gold worth a total of $ 9.7 billion were exported from Russia. At the same time, the maximum supply in the observed period was in 2019, and at least in 2018.

In 2016, gold exports from Russia amounted to 24.99 tons for a total of $ 907.6 million; in 2017, the value of exports increased 2.5 times compared to 2016 and amounted to $ 2.36 billion and, accordingly, 57, 9 tons. Then, in 2018, exports decline by 3 times, with a total value of $ 697.29 million, 16.92 tons of gold were shipped, and in 2019 growth again, 123.42 tons were exported at $ 5.73 billion, tons .e. the value of exports relative to 2018 increased by more than 8 times.

The growth of precious metals exports declined markedly after 2014, which was associated with the aggravation of the political situation due to Ukrainian events and the accession of Crimea to Russia, and the introduction of restrictive sanctions against Russia by many countries.
In 2019, the leading buyers of gold were:
1. The United Kingdom - $ 5.33 billion (93.03%);
2. Kazakhstan - $ 238.92 million (4.17%);
3. Switzerland - $ 133.74 million (2.33%);
4. China - $ 20.8 million (0.36%)
5. Singapore - $ 4.61 million (0.08%)

Gold exports in value terms to the UK in 2019 increased 12 times, from $ 433.53 million in 2018 to $ 5.33 billion in 2019. In physical terms, exports grew 11 times, from 10.39 tons in 2018 to 113.54 tons in 2019. Great Britain rightfully remains the world center of gold trading.



The World Gold Council (WGC), summing up the results for 2019, noted that UK funds bought $ 4.1 billion worth of gold due to concerns about Britain leaving the European Union on January 31, 2020. Gold wars could also be affected by trade wars between the United States and China.

Gold in other unprocessed forms (customs classification code 710812) became the leader in export deliveries in 2019, of which 123.42 tons worth $ 5.73 billion were exported.

According to the StatImEx portal, the main Russian export regions were

1. Moscow (share by value - supplies amounted to $ 4.59 billion, or 97.49 tons (share by value, 80.02%);
2. Kostroma region - $ 428.38 million or 9.06 tons (7.47%);
3. St. Petersburg -226.13 million. $ Or 5.19 tons (3.94%,)
4. Khabarovsk Territory - $ 203.05 million or 5.24 tons (3.54%)
5. Amur Region - $ 139.75 million or 2.91 tons (2.44%)


75% of the total weight of gold currently in circulation was mined after 1910. In Russia, 76% of gold mining companies are located in Siberia and the Far East. With the rising cost of gold, its production is gradually increasing. In 2019, Russia mined 367.9 tons of gold, i.e. 12% more than in 2018, and gold production from secondary raw materials increased by 12% to 329.4 tons.

The main buyer of gold in the domestic Russian market is the Central Bank.
According to the official information of the Central Bank, the gold reserves of the Russian Federation at the end of 2019 amounted to 73 million ounces, which corresponds to approximately 2347 tons.

The increase in gold purchases is associated with a decrease in dependence on the US dollar with the introduction of new sanctions, since gold is a 100% guarantee against political and legal risks.

Falling oil prices and the depreciation of the ruble brought changes in prices on the international gold market, which, undoubtedly, can affect the situation in Russia, and the coronavirus made its own adjustments to Russian gold exports, closing the borders for air and rail communications.


21.04.2020 06:43:45
(Automatic translation)




StatIMEx

Convenient and objective source of information



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