Switzerland is the world’s largest refining and transportation hub, while China and India are the world’s largest consumer markets, with local demand sensitive to high prices and the time of year.

According to the data, shipments to India, where jewelers often make purchases for the October-November festival season, nearly tripled to their highest level since May, while shipments to China increased by 1%.

Physical gold premiums in China reached a record high last week, owing to robust demand to support the yuan’s depreciation and a lack of new import limitations.

So far in September, gold prices are down 0.3% due to a strong dollar, which makes the precious metal more expensive for holders of other currencies.

SWISS TOTAL GOLD EXPORTS (in kgs)*

EXPORT

August 2023 123,477

July 2023 115,109

August 2022 121,662

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EXPORTS TO KEY MARKETS (in kgs)

To China To Hong Kong To India To Turkey

August 2023 25,378 1,409 26,328 14,895

July 2023 25,045 42 9,336 35,274

August 2022 37,807 1,034 19,559 23,695

* Source: Swiss customs. Data subject to revision by source.

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According to a statement released after the talks, “the Indian side highlighted the potential in service sector cooperation and suggested cooperation in IT, financial services, education sector, tourism, healthcare, tele-medicine, medical tourism, and start-up ecosystem.” The Indian side also proposed establishing Mutual Recognition Agreements (MRAs) on professional services, internationalising the RuPay card, and implementing a QR-based payment system.

Last month, New Delhi and the United Arab Emirates signed a memorandum of understanding (MoU) to settle bilateral transactions in rupees and dirhams. In mid-July, on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Gandhinagar, India, the two countries also discussed a local currency settlement plan.

India hopes that by negotiating local currency settlement pacts, it can increase the use of the rupee as a means of payment for international trade.

New Delhi’s total commerce with the Association of Southeast Asian Nations (ASEAN) in 2022-23 would be dominated by transactions with Vietnam, India’s fifth largest trading partner among ASEAN countries. According to the statement, “Vietnam is an important destination for India’s iron & steel as well as agricultural and animal products, mainly meat products, animal fodder, cereals, and marine products.”

Both parties agreed to hold regular and sustained bilateral discussions aimed at resolving market access issues and technical barriers faced by exporters in the areas of agriculture, fisheries, textiles, footwear, pharmaceuticals, chemicals, and fertilisers, among others, identified as key sectors for expanding trade cooperation.

“Both sides reviewed the progress on bilateral trade and economic cooperation and discussed ways to unlock the vast untapped potential in bilateral trade to enable the business communities from the two sides to benefit from the partnership of two of the fastest growing economies,” the statement read.

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