Argentina Gold Export Market -- HS Code 7108 Trade Data & Price Trend (Q3 2025)
Argentina Gold Export (HS 7108) Key Takeaways
Argentina's Gold Export under HS code 7108 is dominated by bulk unwrought gold, with a premium segment offering higher margins, while shipments rebounded sharply in Q3 2025 after a mid-year slump tied to policy changes. Switzerland is the top destination, handling nearly half of volume but at lower unit prices, while the U.S. and India demand higher-grade gold. This analysis covers Q3 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, as well as in powder form. This category is critical for industries such as jewelry, electronics, and central bank reserves, where gold's stability and liquidity drive consistent global demand. Argentina's gold export under this code reflects its role as a key supplier in the precious metals market.
Current Context and Strategic Position
In August 2025, Argentina eliminated export withholdings for 231 mining tariff positions, including gold, through Decree 563/2025 [Baker McKenzie]. This policy shift aims to boost mining exports, positioning Argentina to capitalize on rising global gold demand. The country's gold export under HS Code 7108 is strategically significant, given its mining capacity and competitive pricing. Monitoring Argentina's gold trade data is essential to assess the impact of these reforms and identify emerging market opportunities.
Argentina Gold Export (HS 7108) Price Trend
Key Observations
Argentina's Gold exports, under HS code 7108, totaled approximately $1.4 billion USD in Q3 2025. This performance was driven by a sharp recovery in August and September, following a complete halt in July.
Price and Volume Dynamics
The Argentina Gold Export trend showed significant volatility through 2025, with exports building strongly in the first quarter before declining into mid-year. The sequential rebound in August and September—from zero to over $841 million USD—aligns closely with Argentina's elimination of export withholdings for mining products in August [Baker McKenzie]. This policy shift likely improved exporter margins and stimulated renewed shipment activity. The hs code 7108 value trend thus reflects both global gold market demand and responsive local policy adjustments.
Argentina Gold Export (HS 7108) HS Code Breakdown
Product Specialization and Concentration
According to yTrade data, Argentina's export of HS Code 7108 in Q3 2025 is overwhelmingly dominated by sub-code 71081210000, which describes non-monetary, unwrought gold. This sub-code accounts for nearly all export value and quantity, indicating a highly concentrated market. The value share slightly trails the quantity share, suggesting a marginally lower unit price for this bulk product. A negligible anomaly exists for monetary gold (sub-code 71082000000), with minimal volume that is isolated from the main analysis.
Value-Chain Structure and Grade Analysis
The non-anomalous exports split into two clear categories based on implied unit price disparities. The bulk of trade is in standard unwrought gold (71081210000), with a slightly lower unit price, indicating commodity-like characteristics. A smaller segment (71081290000) shows a significantly higher unit price, pointing to a premium grade or specialty form of unwrought gold. This structure reveals a market for a physical commodity with grade differentiation, rather than fully fungible bulk, as prices vary by quality.
Strategic Implication and Pricing Power
For market players, Argentina's HS Code 7108 export is largely tied to global gold indices due to the bulk nature, limiting pricing power for the dominant segment. However, the presence of a premium grade offers opportunities for higher margins through quality differentiation. Strategic focus should involve optimizing the premium segment to enhance value in HS Code 7108 trade data, while managing bulk exports efficiently.
Table: Argentina HS Code 7108) Breakdown Details (Source: yTrade)
| HS Code | Product Description | Value | Frequency | Quantity | Weight |
|---|---|---|---|---|---|
| 710812***** | Metals; gold, non-monetary, unwrought (but not powder) | 1.39B | 70.00 | 100.19M | 0.00 |
| 710812***** | Metals; gold, non-monetary, unwrought (but not powder) | 4.75M | 7.00 | 200.97K | 0.00 |
| 710820***** | Gold, monetary | 96.16K | 7.00 | 1.97 | 0.00 |
| 7108** | ******** | ******** | ******** | ******** | ******** |
Check Detailed HS Code 7108 Breakdown
Argentina Gold Export (HS 7108) Destination Countries
Geographic Concentration and Dominant Role
Switzerland is the dominant destination for Argentina's Gold exports in Q3 2025, accounting for 42.32% of the total export value. However, Switzerland's value share is lower than its quantity share (47.04%), suggesting that Gold shipments to Switzerland are in bulk or less refined forms, possibly for further processing or trading. The high frequency of shipments (44.87%) indicates regular, frequent trade activity. In contrast, the United States and India show value shares higher than quantity shares, pointing to demand for higher-grade or more finished Gold products.
Destination Countries Clusters and Underlying Causes
The top destinations form three clusters based on trade patterns. The High-Yield Cluster includes the United States and India, where value shares exceed quantity shares, indicating imports of premium Gold, likely for jewelry or investment purposes. The Volume Cluster is led by Canada, with a high quantity share (31.65%) but lower value share, suggesting bulk imports of raw or semi-processed Gold for refining. Switzerland acts as a Frequent Trader Cluster due to its high shipment frequency, serving as a key trading hub for Gold distribution.
Forward Strategy and Supply Chain Implications
To maximize returns, Argentina should prioritize expanding exports to high-yield markets like the United States and India, where Gold commands higher prices. The recent elimination of withholding taxes on mining exports in August 2025 [Baker McKenzie] could boost competitiveness and increase shipment volumes. Optimizing logistics for bulk buyers like Canada may reduce costs, while leveraging Switzerland's hub role can enhance global reach for HS Code 7108 trade.
Table: Argentina Gold (HS 7108) Top Destination Countries (Source: yTrade)
| Country | Value | Quantity | Frequency | Weight |
|---|---|---|---|---|
| SWITZERLAND | 588.87M | 47.16M | 35.00 | N/A |
| UNITED STATES | 369.37M | 15.51M | 18.00 | N/A |
| INDIA | 295.19M | 5.80M | 12.00 | N/A |
| CANADA | 137.30M | 31.73M | 12.00 | N/A |
| BELGIUM | 784.24K | 50.24K | 1.00 | N/A |
| ****** | ****** | ****** | ****** | ****** |
Get Complete Destination Countries Profile
Action Plan for Gold Market Operation and Expansion
- Prioritize premium-grade gold exports to the U.S. and India, as hs code 7108 trade data shows these markets pay higher unit prices, directly increasing the profitability of the Argentina Gold Export portfolio.
- Analyze shipment frequency data for Switzerland to optimize logistics scheduling and consolidate bulk shipments, reducing costs within the Gold supply chain for the dominant volume buyer.
- Use sub-code analysis to track and increase 71081290000 shipments, as this premium product category commands significantly higher prices, enhancing value capture for Argentina's Gold Export operations.
- Leverage the recent elimination of withholding taxes on mining exports to negotiate better terms with high-volume buyers like Canada, securing a more competitive and resilient Gold supply chain.
Take Action Now —— Explore Argentina Gold Export Data
Frequently Asked Questions
Q1. What is driving the recent changes in Argentina Gold Export 2025 Q3?
Argentina's Gold exports rebounded sharply in August and September 2025 after a July halt, driven by the elimination of export withholdings for mining products. This policy shift improved exporter margins and stimulated renewed shipment activity.
Q2. Who are the main destination countries of Argentina Gold (HS Code 7108) 2025 Q3?
Switzerland dominates with 42.32% of export value, followed by the United States and India. Canada also plays a key role, accounting for 31.65% of export quantity.
Q3. Why does the unit price differ across destination countries of Argentina Gold Export?
Price differences stem from product grade: bulk unwrought gold (71081210000) has lower unit prices, while premium-grade gold (71081290000) commands higher prices, especially in high-yield markets like the U.S. and India.
Q4. What should exporters in Argentina focus on in the current Gold export market?
Exporters should prioritize high-yield markets (U.S., India) for premium-grade gold and optimize logistics for bulk buyers like Canada. Leveraging Switzerland’s trading hub role can enhance global reach.
Q5. What does this Argentina Gold export pattern mean for buyers in partner countries?
Buyers in Switzerland receive bulk gold for refining/trading, while the U.S. and India access higher-grade gold for jewelry or investment. Canada’s bulk imports suggest refining-focused demand.
Q6. How is Gold typically used in this trade flow?
Argentina’s Gold exports are primarily unwrought (non-monetary), with bulk shipments for refining/trading and premium grades for jewelry or investment purposes.
Detailed Monthly Report
Argentina Gold Export Market -- HS Code 7108 Trade Data & Price Trend (Q2 2025)
Argentina Gold (HS Code 7108) Export fell sharply in Q2 2025, with Switzerland buying 53.38% of high-grade unwrought gold at ~$52,717/kg, per yTrade data.
Argentina Gold Export Market -- HS Code 7108 Trade Data & Price Trend (Sep 2025)
Argentina Gold (HS Code 7108) Export surged to $841.93M in Sept 2025, led by Switzerland (43.61% share), per yTrade data. Driven by 0% export duty, unwrought gold dominates (99%).
