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Who buys Russia’s gold? Export destinations 2024

In 2024, Russia exported $12.3 billion of gold (279 tonnes), 2.2% of the world total. Its main destinations were Armenia (48%), Hong Kong (38%) and Switzerland (6%). Russia was the world’s 12th-largest exporter of gold.

Summary

Value
$12.3billion
Tonnes
279tonnes
Share of world total
2.2%
World rank
12th
Routes to the main destinations. Width: value; color: estimated transport mode.SeaAirLand

Destinations

The 11 main destinations in the latest year.

PartnerValue (USD billions)TonnesUSD per tonneShareMode
Armenia5.9Tonnes: 198USD per tonne: $29,782,80847.9%Air
Hong Kong re-exports4.6Tonnes: 58USD per tonne: $79,956,79037.7%Air
Switzerland0.72Tonnes: 10USD per tonne: $72,883,9435.8%Air
Kazakhstan0.54Tonnes: 7USD per tonne: $76,763,3514.4%Land
China0.22Tonnes: 3USD per tonne: $80,312,1601.8%Land
Azerbaijan0.16Tonnes: 2USD per tonne: $80,919,6521.3%Land
United Kingdom0.07Tonnes: 1USD per tonne: $76,551,8840.57%Air
Turkey0.05Tonnes: 1USD per tonne: $70,898,4760.44%Air
Singapore re-exports0.01Tonnes: 0USD per tonne: $73,692,9160.06%Air
India< 0.01Tonnes: 0USD per tonne: $83,949,2500%Air
Ireland< 0.01Tonnes: —USD per tonne: —0%Sea

Trend

Who it sells to

Armenia has been its main destination since 2024

Value in USD billions. The five largest destinations in 2024.

  • Armenia 5.9
  • Hong Kong 4.6
  • Switzerland 0.72
  • Kazakhstan 0.54
  • China 0.22

Source: CEPII BACI

Show the numbers
Partner19952024
Armenia05.9
Hong Kong04.6
Switzerland< 0.010.72
Kazakhstan00.54
China00.22

Sources and methodology

Sources and licenses

Methodology

Goods trade from CEPII BACI (BACI_HS92_V202601), which reconciles what exporters and importers report: countries that stopped reporting (Russia since 2022) appear with their partners’ data. FOB values in current US dollars; tonnes when BACI reports them. The price per tonne is the value of the rows with a weight divided by that weight. The transport mode is our own estimate based on value per kilo and geography. Data up to 2024.

Hong Kong, Singapore, the Netherlands and Belgium re-export goods from other countries: their figures include transit.

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