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

Argentina Gold Export (HS 7108) Key Takeaways

Argentina's Gold Export under HS Code 7108 in May 2025 reveals a highly concentrated market, dominated by unwrought non-monetary gold (99% share) with no value-add differentiation, reflecting commodity-driven pricing. Export values plummeted to $765.61M, signaling volatility after a strong Q1, likely tied to global gold market shifts. Buyer data shows heavy reliance on high-value, high-frequency traders, exposing vulnerability to intermediary-driven demand swings. Switzerland commands 50% of exports as the core market, while India and the US offer premium opportunities. This analysis, covering May 2025, is based on 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 product is critical for industries such as jewelry, electronics, and investment, driven by its dual role as a luxury good and a stable store of value. Global demand remains significant due to its use in both industrial applications and financial hedging.

Current Context and Strategic Position

The Harmonized Tariff Schedule of the United States (2025) Revision 5 reflects recent adjustments impacting trade classifications [USITC], signaling potential shifts in global gold trade dynamics. Argentina's gold export sector is strategically important, leveraging its mining output to meet international demand, particularly from markets like the U.S. Monitoring hs code 7108 trade data is essential, as Argentina's position in the global gold supply chain could be influenced by tariff revisions or commodity price volatility. Vigilance is warranted to assess how these factors may shape export trends in 2025.

Argentina Gold Export (HS 7108) Price Trend

Key Observations

The Argentina Gold Export trend for May 2025 closed at $765.61 million, representing a substantial downturn from the elevated levels seen in the first quarter. This performance underscores a volatile period for hs code 7108 value trend, with May's figure highlighting a sharp contraction in export earnings.

Price and Volume Dynamics

The sequential momentum shows a rise in value from January ($922.92 million) to a peak in March ($1.35 billion), followed by a slight dip in April ($1.31 billion) before the steep May decline. This pattern aligns with typical gold market volatility, where export flows can be influenced by shifts in global demand or policy uncertainties from key trading partners, such as the recent tariff schedule revisions by the [USITC] in March, which may have introduced trade friction. The Argentina Gold Export trend's downturn in May suggests a response to these external pressures, reflecting the commodity's sensitivity to international policy and economic conditions.

Argentina Gold Export (HS 7108) HS Code Breakdown

Product Specialization and Concentration

In May 2025, Argentina's export activities under HS Code 7108 show extreme concentration, with one sub-code dominating the market. According to yTrade data, the sub-code for "Metals; gold, non-monetary, unwrought (but not powder)" (71081210000) holds over 99 percent of both the export value and quantity, highlighting a specialized trade focus on this specific form of gold. Unit price data is not available, preventing a detailed analysis of price disparities, but the high share underscores its central role in Argentina's HS Code 7108 export profile.

Value-Chain Structure and Grade Analysis

The remaining sub-codes under HS Code 7108 are minimal and share the same product description as the dominant code, indicating a uniform trade in unwrought gold without significant value-add stages or grade differentiations. This structure suggests that Argentina's exports are primarily fungible bulk commodities, likely tied to global gold indices rather than differentiated manufactured goods. The lack of variety in product forms points to a straightforward market where all trade revolves around raw, non-monetary gold.

Strategic Implication and Pricing Power

For market players, the homogeneity and commodity nature of Argentina's HS Code 7108 trade data imply limited pricing power, as prices are driven by international gold markets rather than product differentiation. Strategic focus should remain on maximizing volume and cost efficiency in production and logistics, rather than investing in value-added processing, to compete effectively in this bulk export segment.

Table: Argentina HS Code 7108) Breakdown Details (Source: yTrade)

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Argentina Gold Export (HS 7108) Destination Countries

Geographic Concentration and Dominant Role

Switzerland is the top destination for Argentina's Gold exports in May 2025, accounting for 50.44% of the total export value. The value share closely matches the quantity share at 50.20%, indicating consistent trade in standard Gold products without significant premium or bulk characteristics. The United States shows a higher value share (26.15%) compared to quantity share (13.17%), suggesting demand for higher-grade Gold. India has a high value share (12.78%) with a low quantity share (2.65%), pointing to premium markets, while Canada has a high quantity share (33.99%) but lower value share (10.63%), indicating bulk trade. Frequency shares are relatively high for Switzerland (40.00%) and the US (25.00%), reflecting regular shipment patterns.

Destination Countries Clusters and Underlying Causes

Based on share disparities, the destinations form three clusters. India is a high-yield cluster due to its high value share relative to quantity, likely driven by demand for refined or investment-grade Gold. Canada is a volume cluster with dominant quantity share, possibly serving as a processing or redistribution hub for raw or lower-purity Gold. Switzerland and the US comprise a core and frequent trade cluster, with Switzerland as the primary market and the US combining premium demand with high shipment frequency, indicating stable, value-driven trade flows for Argentina's Gold exports.

Forward Strategy and Supply Chain Implications

Argentina should prioritize high-margin markets like India and the US by focusing on exports of higher-grade Gold to capture premium pricing. Supply chains need optimization for bulk shipments to Canada, potentially reducing costs for volume transactions. Maintaining strong ties with Switzerland is essential as the core market. The trade data for HS Code 7108 in May 2025 supports these strategies, with no relevant news context affecting the analysis.

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

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Argentina Gold (HS 7108) Buyers Analysis

Buyer Market Concentration and Dominance

In May 2025, the Argentina Gold Export market structure, based on yTrade data, was characterized by a concentration in high-value transactions. The dominant segment among the four buyer clusters was the high-value high-frequency group, which typically involves regular, large-scale deals. This pattern defines the typical trade for Argentina Gold Export buyers, emphasizing consistent and substantial exchanges.

Strategic Buyer Clusters and Trade Role

The remaining clusters include high-value low-frequency, low-value high-frequency, and low-value low-frequency buyers, but the high-value high-frequency group's profile indicates an intermediated market. For HS code 7108 buyers, this suggests that trading companies or large agents often handle Gold exports, facilitating bulk shipments rather than direct end-user sales. The four segments of buyers show a mix of occasional large purchases and smaller, more frequent transactions, reflecting the commodity nature of Gold.

Sales Strategy and Vulnerability

For Argentina's Gold exports, the sales strategy should prioritize nurturing relationships with high-value frequent buyers to ensure steady revenue, while monitoring risks like price fluctuations or regulatory changes. The recent update to the Harmonized Tariff Schedule of the United States [Harmonized Tariff Schedule] could impact export costs or classifications, presenting both challenges and opportunities. Leveraging HS code 7108 trade data, Argentina should adopt a flexible approach to capitalize on stable demand and mitigate vulnerabilities in this intermediated market.

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Action Plan for Gold Market Operation and Expansion

• Prioritize exports of higher-grade gold to India and the United States, as hs code 7108 trade data shows these markets command a premium price per unit, directly boosting profitability for the Argentina Gold Export business.
• Optimize the Gold supply chain for high-volume, lower-cost shipments to Canada by negotiating bulk freight rates, as the data reveals it is a high-quantity but lower-value destination, protecting margin on volume sales.
• Strengthen relationships with high-value, high-frequency buyers in Switzerland and the US to ensure consistent offtake, as this buyer cluster provides stable revenue and reduces market volatility for Argentina's Gold Export operations.
• Continuously monitor for US HTS regulatory changes impacting HS code 7108, as this allows for proactive adjustments to classifications or costs, mitigating a key risk to the entire Gold supply chain and export flow.

Take Action Now —— Explore Argentina Gold Export Data

Frequently Asked Questions

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

The sharp decline in May 2025 to $765.61 million reflects typical gold market volatility, likely influenced by global demand shifts and policy uncertainties, such as recent US tariff revisions.

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

Switzerland dominates with 50.44% of export value, followed by the US (26.15%) and India (12.78%). Canada also plays a key role in bulk trade.

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

Price differences stem from product uniformity—unwrought gold (71081210000) dominates—with higher-value markets like India and the US demanding premium-grade gold, while Canada focuses on bulk shipments.

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

Prioritize high-margin markets (India, US) for premium pricing, optimize bulk shipments to Canada, and maintain relationships with high-value frequent buyers in Switzerland to stabilize revenue.

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

Buyers in Switzerland and the US benefit from stable, high-frequency trade, while India’s premium market offers investment-grade gold. Canada serves as a bulk-processing hub for raw gold.

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

Argentina’s gold exports under HS Code 7108 are primarily unwrought, non-monetary gold, traded as a fungible commodity tied to global indices, with minimal value-added processing.