Argentina Gold Export Market -- HS Code 7108 Trade Data & Price Trend (Jan 2025)

Argentina Gold Export (HS 7108) Key Takeaways

Argentina's gold exports under HS code 7108 surged to $922.92 million in January 2025, driven by high-grade unwrought gold shipments, with 99% of value concentrated in premium-grade products. Switzerland dominated as the top destination, capturing over 50% of export value but just 5.5% of weight, signaling a focus on high-margin markets. Buyer data remains unavailable, limiting concentration risk assessment, but the U.S. and India emerged as key high-yield secondary markets. The strong start reflects stable global demand and Argentina's strategic shift toward value-driven exports. This analysis covers January 2025 and is based on cleanly processed customs data from the yTrade database.

Argentina Gold Export (HS 7108) Background

What is HS Code 7108?

HS Code 7108 covers gold (including gold plated with platinum) in unwrought or semi-manufactured forms, or in powder form. This category is critical for industries such as jewelry, electronics, and investment, where gold's stability and conductivity drive consistent global demand. Argentina's gold exports under this code, particularly gold dore bars, play a significant role in international trade.

Current Context and Strategic Position

In late 2025, Argentina introduced Decree No. 682, setting a 0% export duty rate for certain goods, though its direct application to HS Code 7108 remains unclear [KPMG]. The country eliminated its import licensing system earlier that year, streamlining trade procedures but requiring strict compliance with documentation and HS code accuracy [Trade.gov]. Argentina's gold exports under HS 7108 totaled $2.26B in 2023, highlighting its strategic role as a key supplier [OEC]. With active high-value shipments to markets like India, vigilance on policy shifts and trade data for Argentina's gold exports remains essential.

Argentina Gold Export (HS 7108) Price Trend

Key Observations

Argentina's gold exports under HS code 7108 opened 2025 with a robust performance, totaling $922.92 million in January. The volume shipped was 404.51 thousand units, reflecting strong initial demand for unwrought or powder-form gold products in the global market.

Price and Volume Dynamics

The January figures establish a solid foundation for the year, with the high export value indicating sustained international appetite for Argentine gold. This early strength often aligns with post-holiday refinery activity and institutional portfolio rebalancing, which typically drive first-quarter physical gold acquisitions. The volume-to-value ratio suggests stable pricing conditions, supporting consistent trade flow momentum entering the new year.

External Context and Outlook

While no specific policy changes directly impacted January's exports, Argentina's broader trade environment—including the elimination of its import licensing system by April 2025—likely contributed to efficient logistics and market access [[Argentina

• Import Requirements and Documentation](https://www.trade.gov/country-commercial-guides/argentina-import-requirements-and-documentation)]. Global economic uncertainty and currency fluctuations remain key drivers for gold demand, positioning Argentina’s exports for potential growth if macro conditions favor safe-haven assets. The Argentina Gold Export trend under hs code 7108 value trend will hinge on both international precious metal prices and domestic production stability.

Argentina Gold Export (HS 7108) HS Code Breakdown

Product Specialization and Concentration

In January 2025, Argentina's export under HS Code 7108 is overwhelmingly dominated by high-value unwrought gold, according to yTrade data. The sub-code 71081210000, described as "Metals; gold, non-monetary, unwrought (but not powder)", accounts for nearly 99% of the export value, with a unit price of approximately 21,552 USD per kilogram. This high price point indicates a specialization in premium-grade gold. A separate sub-code, 71081290000, with the same description but a drastically lower unit price of around 34 USD per kilogram, is isolated as an anomaly due to its minimal value share and inconsistent pricing.

Value-Chain Structure and Grade Analysis

The market structure for Argentina's HS Code 7108 exports reveals two distinct segments based on grade: a high-grade category represented by 71081210000, which commands premium pricing, and a low-grade or anomalous category under 71081290000. This differentiation suggests that Argentina's gold trade is not purely fungible but involves quality-based segmentation, moving away from bulk commodity characteristics towards more specialized, value-driven exports.

Strategic Implication and Pricing Power

Argentina holds strong pricing power in the high-grade gold segment of HS Code 7108 exports, allowing for favorable trade terms. Strategic focus should remain on maintaining and certifying gold purity to sustain premium positioning. Analysis of HS Code 7108 trade data indicates that diversifying into consistent high-quality offerings could mitigate risks from anomalous low-value shipments.

Check Detailed HS Code 7108 Breakdown

Argentina Gold Export (HS 7108) Destination Countries

Geographic Concentration and Dominant Role

Switzerland is the clear top destination for Argentina's Gold exports in January 2025. It accounts for 50.40% of the total export value but only 5.53% of the weight. This massive gap between value share and weight share means Argentina is shipping high-purity, premium gold to Switzerland. The trade is not about bulk volume but high value per kilogram.

Destination Countries Clusters and Underlying Causes

The data reveals two main clusters of buyers. The first is a high-yield cluster including the United States and India. They take 22.99% and 15.16% of the value, respectively, with relatively low weight shares. This shows a focus on high-value bullion or processed gold. The second is a volume cluster, represented by Canada. It takes 31.22% of the weight but only 10.11% of the value, indicating shipments of lower-value gold dore or raw material for refining. The remaining countries, like South Africa and Ghana, are minor partners with very small shares.

Forward Strategy and Supply Chain Implications

Argentina should continue prioritizing high-margin markets like Switzerland and the U.S. for its premium Gold exports. The supply chain for these high-value shipments must prioritize maximum security. For bulk shipments to refiners like Canada, logistics can be optimized for cost. A key development is Argentina's move to a 0% export duty for certain goods, as per a [KPMG] report. While this decree was published after January, it signals a favorable policy shift that could further boost Argentina Gold Export competitiveness for HS Code 7108 products later in the year.

Table: Argentina Gold (HS 7108) Top Destination Countries (Source: yTrade)

Get Complete Destination Countries Profile

Argentina Gold (HS 7108) Buyers Analysis

Buyer Market Concentration and Dominance

According to yTrade data, the buyer cluster information for Argentina Gold Export under hs code 7108 is not available for January 2025. This prevents a detailed analysis of market concentration and the dominant cluster among the four segments of buyers. Typically, gold trade involves high-value transactions, but without specific data, the typical trade profile for Argentina Gold Export buyers cannot be defined.

Strategic Buyer Clusters and Trade Role

Without yTrade data on the four buyer clusters, the commercial persona of dominant groups for hs code 7108 buyers remains unclear. For gold exports, common buyers include large refiners or financial institutions, which could indicate an intermediated market. The lack of data means the strategic role of each cluster in Argentina's gold export trade cannot be assessed accurately.

Sales Strategy and Vulnerability

For Argentine gold exporters, the absence of buyer cluster data from yTrade limits strategic planning. Generally, focusing on securing relationships with high-value buyers may reduce vulnerability, but without current insights, specific risks or opportunities are hard to pinpoint. News context is not citable due to date and domain restrictions, so exporters should verify conditions through official channels.

Check Full Gold Buyer lists

Action Plan for Gold Market Operation and Expansion

Strategic Supply Chain Overview

Argentina's Gold Export market under hs code 7108 trade data reveals two core price drivers. First, product quality and grade dictate value. High-purity unwrought gold commands a premium price. Second, destination markets influence pricing. Shipments to Switzerland and the United States yield high value per kilogram.

These drivers create distinct supply chain implications. The Gold supply chain must prioritize maximum security for high-value shipments. It must also maintain separate cost-optimized logistics for bulk, lower-grade exports. Argentina's role is split between a premium supplier and a raw material provider.

Action Plan: Data-Driven Steps for Gold Market Execution and Expansion

• Use hs code 7108 trade data to track and certify gold purity for all high-value shipments. This ensures Argentina's Gold Export maintains its premium positioning and justifies its price point with verifiable quality standards.
• Analyze shipment data to separate high-value and bulk export logistics. This allows for security-focused routes for premium gold and cost-effective transport for raw material, protecting margins and reducing risk across the entire Gold supply chain.
• Monitor the implementation of Argentina's new 0% export duty policy for relevant goods. This helps exporters capitalize on improved competitiveness for hs code 7108 trade later in 2025, potentially increasing market share in key destinations.
• Prioritize relationship building with buyers in high-yield markets like Switzerland and the U.S. identified in the data. This secures stable demand for the most profitable segment of Argentina Gold Export, reducing vulnerability to price fluctuations in bulk markets.

Take Action Now —— Explore Argentina Gold Export Data

Frequently Asked Questions

Q1. What is driving the recent changes in Argentina Gold Export 2025 January?

Argentina's gold exports in January 2025 showed strong demand, with $922.92 million in value, driven by high-grade unwrought gold shipments (HS Code 71081210000) at premium prices.

Q2. Who are the main destination countries of Argentina Gold (HS Code 7108) 2025 January?

Switzerland (50.40% of value), the U.S. (22.99%), and India (15.16%) are the top destinations, with Switzerland receiving high-value shipments while Canada handles bulk volume.

Q3. Why does the unit price differ across destination countries of Argentina Gold Export?

The price gap stems from Argentina’s two-tier export structure: high-grade gold (71081210000 at ~$21,552/kg) for premium markets and lower-value gold (71081290000 at ~$34/kg) for refining.

Q4. What should exporters in Argentina focus on in the current Gold export market?

Exporters should prioritize high-margin markets (Switzerland, U.S.) and ensure gold purity certification to maintain premium pricing, while optimizing logistics for bulk shipments (e.g., Canada).

Q5. What does this Argentina Gold export pattern mean for buyers in partner countries?

Buyers in Switzerland and the U.S. secure high-purity gold for financial or industrial use, while Canada’s refiners access raw material, reflecting a segmented, quality-driven supply chain.

Q6. How is Gold typically used in this trade flow?

Argentina’s gold exports under HS Code 7108 are primarily unwrought, non-monetary gold, used for bullion, financial reserves, or high-end industrial applications.