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

Argentina Gold Export (HS 7108) Key Takeaways

Argentina's gold exports under HS Code 7108 surged in September 2025, rebounding to $841.93 million—the highest since April—driven by a 0% export duty policy shift. The trade is dominated by non-monetary unwrought gold (99% share), with Switzerland as the top destination (43.61% of value), followed by the U.S. and India, while Canada absorbs volume at lower prices. Pricing power remains limited due to the commodity nature of the product, reinforcing reliance on global market rates. This analysis covers September 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 as powder. This category is critical for industries such as jewelry, electronics, and investment, where gold's stability and conductivity drive consistent global demand. Its trade data reflects broader economic trends, given gold's role as a hedge against inflation and currency fluctuations.

Current Context and Strategic Position

Argentina's gold export sector gained momentum in September 2025 with Decree No. 682, which set a 0% export duty rate for specified goods, including HS Code 7108 products [KPMG]. This policy shift aims to bolster Argentina's gold export competitiveness amid global demand. As a key producer, Argentina's strategic position in the hs code 7108 trade data underscores its potential to capitalize on rising commodity prices. Market vigilance remains essential to track how these policy changes impact export volumes and pricing dynamics.

Argentina Gold Export (HS 7108) Price Trend

Key Observations

Argentina's Gold exports, under HS code 7108, demonstrated a strong recovery in September 2025, with the total export value reaching $841.93 million USD. This performance marks a significant sequential improvement and represents the highest monthly export value since April.

Price and Volume Dynamics

The Argentina Gold Export trend experienced considerable volatility through 2025, with export values declining sharply from April's $1.31 billion USD to a complete halt in July, before rebounding strongly in August and September. This recovery pattern aligns closely with Argentina's export policy shift, as [KPMG] reported the establishment of a 0% export duty rate for certain goods, including gold, effective September 22, 2025. The sequential growth from August's $553.55 million suggests exporters accelerated shipments ahead of and following this favorable policy change, reflecting typical market anticipation of reduced trade barriers. The hs code 7108 value trend thus appears driven by policy incentives rather than pure commodity cycle factors, with the Q3 recovery signaling restored trade flows under the new duty structure.

Argentina Gold Export (HS 7108) HS Code Breakdown

Product Specialization and Concentration

According to yTrade data, Argentina's export under HS Code 7108 in September 2025 is highly concentrated in sub-code 71081210000 for non-monetary unwrought gold, which accounts for nearly all value and quantity at over 99% share. The unit price for this sub-code is approximately 20 USD per unit, based on the weight metric, while other sub-codes show higher unit prices, indicating a focus on high-volume, lower-margin trade. An anomalous sub-code for monetary gold with a unit price around 48,813 USD per unit is present due to its very small quantity but is isolated from the main analysis pool.

Value-Chain Structure and Grade Analysis

The non-anomalous sub-codes fall into two groups: unwrought non-monetary gold, which dominates exports, and a minor variant with slightly higher unit prices. This structure points to a trade in fungible bulk commodities, where products are largely undifferentiated and likely tied to global gold price indices. The small unit price differences may reflect minor variations in grade or processing, but overall, the export is characteristic of raw material rather than finished goods.

Strategic Implication and Pricing Power

For participants in Argentina's HS Code 7108 export market, pricing power is limited by the commodity nature of the goods, relying on international market rates rather than product uniqueness. Strategic focus should prioritize cost control and volume stability in the dominant sub-code, as HS Code 7108 trade data indicates little incentive for diversification into higher-value niches under current conditions.

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

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 September 2025, accounting for 43.61% of the total export value. Its value share is slightly lower than its quantity share (46.14%), suggesting its purchases are not the highest grade. This points to a market for good-quality, but not necessarily premium, gold. The United States and India are also major buyers, forming a second tier of significant value destinations.

Destination Countries Clusters and Underlying Causes

The data reveals two distinct clusters for Argentina's gold exports. Switzerland forms a high-value cluster, taking nearly half of all export value. India and the United States form a balanced cluster, together accounting for over 51% of the total export value. Canada represents a volume cluster; it receives the largest share of physical gold by quantity (23.61%) but a much smaller portion of the total value (5.14%). This indicates Canada is a destination for lower-value or less-refined gold shipments.

Forward Strategy and Supply Chain Implications

The strategy should focus on maintaining strong ties with the high-value Swiss market while exploring ways to increase the value of shipments to volume buyers like Canada. The recent policy establishing a 0% export duty for certain goods [kpmg.com] likely supports this export activity by making Argentine gold more competitive. For supply chains, this means ensuring reliable, high-volume logistics for Canadian shipments and secure, high-value transport for the Swiss market.

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

Get Complete Destination Countries Profile

Action Plan for Gold Market Operation and Expansion

• Focus on high-quality shipments to Switzerland using hs code 7108 trade data to track purity levels, as this market delivers the highest value for Argentina's Gold Export and secures premium revenue.
• Optimize logistics for high-volume, lower-value shipments to Canada by auditing the Gold supply chain for cost efficiency, ensuring profitability even with thinner margins from bulk sales.
• Implement strict cost-control measures for the dominant unwrought gold sub-code, because Argentina's Gold Export is a price-taker commodity and protecting margins is essential for competitiveness.
• Continuously monitor the impact of the 0% export duty policy on buyer behavior with hs code 7108 trade data, as this policy is a key advantage for maintaining market share against global rivals.
• Analyze minor high-unit-price sub-codes in the hs code 7108 trade data to identify niche product opportunities, which could provide a strategic hedge against pure commodity price volatility.

Take Action Now —— Explore Argentina Gold Export Data

Frequently Asked Questions

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

The recovery in Argentina's gold exports is driven by a policy shift, with the government setting a 0% export duty rate in September 2025, accelerating shipments. The rebound follows a sharp decline earlier in the year, indicating restored trade flows under the new duty structure.

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

Switzerland is the top destination, accounting for 43.61% of export value, followed by the United States and India, which together represent over 51% of total value. Canada is a major volume buyer but contributes only 5.14% of value.

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

The price difference stems from Argentina's focus on bulk, lower-margin non-monetary unwrought gold (sub-code 71081210000), which dominates exports. Switzerland receives slightly lower-grade gold, while Canada's shipments are likely less refined, explaining their lower value share.

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

Exporters should prioritize cost control and volume stability in the dominant unwrought gold segment while maintaining strong ties with high-value markets like Switzerland. The 0% duty policy supports competitiveness, but diversification into higher-value niches is currently limited.

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

Buyers in Switzerland and the U.S. can rely on consistent, good-quality gold shipments, while volume-focused buyers like Canada benefit from lower-cost, bulk purchases. The policy-driven recovery ensures stable supply under the new duty regime.

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

Argentina's gold exports under HS Code 7108 are primarily raw, undifferentiated commodities (unwrought non-monetary gold), tied to global price indices and used in bulk transactions rather than as finished goods.