Rising incomes spur gold imports from HK
Source: Bloomberg News |
February 6, 2013, Wednesday
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Print Edition
Print Edition
GOLD imports into the Chinese mainland from Hong Kong surged 94 percent to an all-time high last year as rising incomes in the world's second-largest economy underpinned increased demand and helped the metal to post a 12th annual gain.
The mainland imported 834,502 kilograms, including scrap and coins, compared with about 431,215 kilograms in 2011, according to Bloomberg News calculations based on data from the Census and Statistics Department of the Hong Kong government. Imports in December rose to a monthly record of 114,405 kilograms, according to data from the department yesterday.
China was expected to displace India as the world's biggest gold consumer last year, according to a forecast in November from the World Gold Council. Rising consumption in the country may help to offset concern that the metal's bull run may be coming to an end as the global economy recovers. Spot gold is little changed so far this year, while the Standard & Poor's GSCI Index of raw materials has risen 4.4 percent.
The increase in gold imports last year "was largely a result of income growth," said Jiang Shu, a senior analyst at the Industrial Bank. "The Chinese are becoming more wealthy."
Economic growth in China, the world's largest gold producer, has boosted the country's consumption of everything from copper to energy and farm commodities. The nation, which snapped a seven-quarter slowdown in the final quarter of last year, is the world's largest base-metals user, the biggest importer of soybeans and the top crude-oil consumer after the US.
The imports in December compared with 90,764 kilograms in November, and were more than double the 38,650 kilograms a year earlier, according to the data. Net imports, after deducting flows from the mainland to Hong Kong, were 84,687 kilograms in December from 61,787 kilograms a month earlier.
Exports of gold to Hong Kong from the mainland more than tripled to 310,861 kilograms in 2012 from about 95,529 kilograms a year earlier, according to Bloomberg News calculations. Shipments were 29,718 kilograms in December, up from 28,978 kilograms in November, a separate statistics department statement showed.
China's urban per capita disposable income rose 12.6 percent in nominal terms in 2012 to 24,565 yuan (US$3,939), the National Bureau of Statistics said on January 18. Per capital rural net income rose 13.5 percent in nominal terms, and 10.7 percent in real terms, to 7,917 yuan, the bureau said.
The mainland imported 834,502 kilograms, including scrap and coins, compared with about 431,215 kilograms in 2011, according to Bloomberg News calculations based on data from the Census and Statistics Department of the Hong Kong government. Imports in December rose to a monthly record of 114,405 kilograms, according to data from the department yesterday.
China was expected to displace India as the world's biggest gold consumer last year, according to a forecast in November from the World Gold Council. Rising consumption in the country may help to offset concern that the metal's bull run may be coming to an end as the global economy recovers. Spot gold is little changed so far this year, while the Standard & Poor's GSCI Index of raw materials has risen 4.4 percent.
The increase in gold imports last year "was largely a result of income growth," said Jiang Shu, a senior analyst at the Industrial Bank. "The Chinese are becoming more wealthy."
Economic growth in China, the world's largest gold producer, has boosted the country's consumption of everything from copper to energy and farm commodities. The nation, which snapped a seven-quarter slowdown in the final quarter of last year, is the world's largest base-metals user, the biggest importer of soybeans and the top crude-oil consumer after the US.
The imports in December compared with 90,764 kilograms in November, and were more than double the 38,650 kilograms a year earlier, according to the data. Net imports, after deducting flows from the mainland to Hong Kong, were 84,687 kilograms in December from 61,787 kilograms a month earlier.
Exports of gold to Hong Kong from the mainland more than tripled to 310,861 kilograms in 2012 from about 95,529 kilograms a year earlier, according to Bloomberg News calculations. Shipments were 29,718 kilograms in December, up from 28,978 kilograms in November, a separate statistics department statement showed.
China's urban per capita disposable income rose 12.6 percent in nominal terms in 2012 to 24,565 yuan (US$3,939), the National Bureau of Statistics said on January 18. Per capital rural net income rose 13.5 percent in nominal terms, and 10.7 percent in real terms, to 7,917 yuan, the bureau said.
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