China has quietly placed Canadian gold at the top of its import ledger, with official customs data valuing bullion inflows at more than ten times the level reported by Canadian authorities.
According to The Globe and Mail report, “Gold, not canola or coal, is China’s No. 1 import from Canada – at least according to China,” figures from China Customs show $25 billion of Canadian unwrought gold imports in 2024, compared with the $1.9 billion reported by Statistics Canada. The gap stems from differences in reporting: Canada tracks sales to first buyers, often in London or New York, while China tracks the true origin of the gold regardless of trading hubs along the way.Read full story