Top Gold Importing Countries

Gold-bullion-

Although various countries import gold for use in several industries, few can call themselves the highest importers in the world.

Things change speedily in this sector as proved by a single country simply surpassing another as the largest importer.

Knowing the largest importer of gold is essential for those who buy gold coins because it supports them identify where to find great deals.

India is a prime example of how extremely imports fluctuate.

India was the largest gold importer worldwide in 2008, carrying in 420 tons of the precious metal.

After a year, imports made only somewhat more than 200 tons, a decline of more than 100%.

High prices of gold coins, which reduced demand, were to blame. In 2009, China easily slid into the top gold importer spot.

From this time, Slovakia has arisen onto the scene as a high-volume gold importer. It imported 986 tons of gold in 2010, according to the International Trade Centre.

This made it the biggest importer and Malaysia and Egypt engaged the second and third positions ahead of the U.S., which imported 656 tons.

China imported 228 tons and India brought in just 169 tons in 2010. The progressively increasing price of gold has made it unachievable for many countries to continue the level of importing from prior years as gold prices continue to climb.

It is worth noting that being a huge consumer of gold does not essentially means the country is a large importer.

India consumes the best gold of all countries, accounting for about 20% of worldwide demand for the precious metal. It also has the largest gold jewelry market in the world and regardless of the increase in the gold price.