China buys up to ten times more gold from Canada than by Canadian export statistics.
The Globe and Mail reports that contrary to what Canadian data tends to show, gold is the first import product of China from Canada, in terms of value, long before canola and coal, for example.
The figures from the Chinese customs agency indicate that China imported in 2024 for 25 billion (G $) in raw gold from Canada, in the form of ingots or parts, while Statistics Canada compiled only for $ 1.9 billion.
Increased gold reserves
This significant difference would be explained mainly, according to the Toronto daily newspaper, by the fact that Canada is unable to follow the destination of its exports when they change hands several times before arriving at their final buyer.
Thus, when Canada sells gold in the London and New York markets, these exports are counted by Canada as sales in Great Britain and the United States. This, even if in fact, these precious metal exports are ultimately found in the Beijing chests.
According to the GlobeChina has started to accumulate large gold reserves in recent years, and investors seem to react by getting rid of their reserves of Canadian ingots.
TSX benefits
The gold reserves of the Chinese central bank reached 2,292 tonnes in the first quarter of 2025, growing considerable compared to the 1800 tonnes recorded in the same period in 2016. This gold would be sent to China, via Hong Kong, mainly by Switzerland, Great Britain and the United States.
The outbreak of the price of gold, which increased by more than 25% in 2025, increased the share of Canadian mining companies. And, by ricochet, the S&P/TSX Composite, the reference index of the Toronto Stock Exchange.
The latter increased by more than 11% this year despite customs duties and commercial uncertainty which continue to weigh on the country’s economy.