What are the monthly Gold Imports for the year 2025 of China?
China’s Monthly Gold Imports in 2025
January
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China’s gold imports plummeted to just 17 tonnes, making it the lowest monthly total since February 2021, largely due to COVID restrictions and weak demand.
February
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Imports rebounded to 76 tonnes, though still significantly below the 2024 monthly average (~102 tonnes). Net ordinary imports remained low, with a 38% year-over-year drop.
March
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Spring brought a continuation of steady central bank activity, though specific March import tonnage wasn't directly reported. However, China added 2.8 tonnes to its official gold reserves in March, bringing Q1 purchases to 12.8 tonnes.
April
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April saw a strong rebound with total net imports of around 112 tonnes, a sharp 66-tonne month-over-month recovery, despite a year-over-year dip of roughly 14 tonnes.
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Another source corroborates this surge: imports jumped 73% month-over-month to reach 127.5 tonnes—the highest level since May 2024—driven partly by fresh import quotas granted by the People’s Bank of China (PBOC) to select commercial banks.
May–July
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Specific monthly import figures for May, June, or July 2025 are not publicly reported in the sources currently available as of September 2025.
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However, it's known that the PBOC continued its gold-accumulating trend, increasing its official reserves for the ninth straight month by July, with holdings reaching 73.96 million fine troy ounces (valued at $243.99 billion).
Summary Table
Month | Imports (tonnes) | Notes |
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January | ~17 t | Lowest since Feb 2021; COVID & weak demand |
February | ~76 t | Rebound but still below 2024 avg |
March | Not specified | Official reserve addition: 2.8 t in month |
April | ~112–127.5 t | Sharp rebound; PBOC quotas boosted inflows |
May–July | Not specified | Continued reserve growth; data not detailed |
Key Observations
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Volatility in early 2025: Imports started the year sluggishly, impacted by low demand and the Chinese New Year.
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Mid-year rebound: A substantial leap in April, fueled by PBOC import quota allocations, investor demand, and geopolitical uncertainty.
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Ongoing central bank accumulation: Despite gaps in import data, the PBOC’s reserve purchases continued uninterrupted through July.
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