HS Code:
The category II. PRECIOUS METALS AND METALS CLAD WITH PRECIOUS METAL, primarily under HS Code Chapter 71, encompasses a range of products including gold, silver, platinum, and other precious metals in various forms (unwrought, semi-manufactured, or powdered), as well as metals clad with precious metals. This category also includes jewelry, coins, and articles made of precious metals. It is a high-value segment of global trade, often influenced by economic conditions, investment demand, industrial usage (e.g., in electronics and automotive sectors), and geopolitical stability. Trade in this category is critical for industries and as a store of value, with significant fluctuations based on market sentiment and currency strength.
Total Trade Volume
USD 350 billion
Data from 2022
Source
United Nations Comtrade Database & World Trade Organization (WTO)
USD 85 billion
24.3% of total trade of total trade
Increasing
USD 50 billion
14.3% of total trade of total trade
Stable
USD 40 billion
11.4% of total trade of total trade
Increasing
USD 35 billion
10.0% of total trade of total trade
Decreasing
USD 30 billion
8.6% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
20% (applied by certain developing economies to protect local industries)
Lowest Rate
0% (under free trade agreements and in major hubs like Switzerland and UAE)
Rising demand for gold as a safe-haven asset
Increased trade volumes in gold bullion and coins, especially during global economic uncertainty
2022
Growing industrial use of platinum and palladium
Higher exports to automotive and technology sectors for catalytic converters and electronics
2021-2022
Shift towards recycled precious metals
Reduced reliance on mining, affecting raw material export countries while boosting recycling hubs
2020-2022
Switzerland has increased its gold refining and trading capacity, handling a significant portion of global gold imports and exports due to its stable financial system and strategic location.
Mid-2022
Further concentration of trade flows through Swiss markets, impacting pricing and supply chain dynamics.
India, a major consumer of gold, increased import duties to curb demand and reduce current account deficit pressures.
July 2022
Temporary decline in official imports, with potential rise in smuggling and informal trade.
Following geopolitical tensions, several Western countries imposed sanctions on Russian gold and other precious metals, disrupting traditional supply chains.
March 2022
Redirection of Russian exports to non-sanctioning countries, increased prices due to supply constraints.