2025 Argentina Gold (HS 7108) Export: Volatile Swings

Key Takeaways

Gold, classified under HS Code 7108 (Gold (including gold plated with platinum), unwrought or in semi-manufactured forms, or in powder form), exhibited high volatility from January to September 2025.

• Market Pulse: Export values swung sharply, peaking at $1.35B in March before plunging mid-year, then rebounding 52.1% month-on-month to $841.93M by September.
• Structural Shift: Argentina Gold Export reliance on Switzerland (52.5% of value) creates vulnerability, with the U.S. and India absorbing most of the remaining volume.
• Product Logic: HS Code 7108 trade data reveals a commodity-driven market—99.6% of value comes from unwrought, non-monetary gold, with monetary gold commanding a 5x price premium.

This overview covers the period from January to September 2025 and is based on verified customs data from the yTrade database.

Argentina Gold (HS Code 7108) Key Metrics Trend

Market Trend Summary

The Argentina Gold Export trend for HS code 7108 exhibited pronounced volatility throughout the first three quarters of 2025, characterized by erratic shifts in both volume and unit pricing. After a strong opening at $922.92M in January, export values surged to a peak of $1.35B in March before declining sharply through mid-year, then rebounding strongly to $841.93M by September—reflecting a 52.1% month-on-month recovery from August’s $553.55M.

Drivers & Industry Context

This volatility aligns closely with policy shifts, notably Argentina’s introduction of a 0% export duty for certain goods—including gold under HS code 7108—via [Decree 682] effective 23 September 2025. The late-quarter surge likely captures exporter urgency to capitalize on the temporary window before the October 31 deadline or $7B cap. The high unit price volatility earlier in the year—such as the February spike to ~$19,410/kg—may reflect speculative moves ahead of policy clarity, though the overall hs code 7108 value trend remains anchored to regulatory incentives rather than pure commodity demand cycles.

Table: Argentina Gold Export Trend (Source: yTrade)

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Argentina HS Code 7108 Export Breakdown

Market Composition & Top Categories

Argentina's HS Code 7108 export market is overwhelmingly dominated by unwrought, non-monetary gold (71081210000), which accounted for 99.6% of the total export value and 99.8% of the quantity shipped. According to yTrade data, this single sub-category represented nearly the entirety of Argentina's gold exports. The remaining exports consisted of minor volumes of other unwrought gold forms and a negligible amount of monetary gold.

Value Chain & Strategic Insights

The unit price disparity reveals the market's core logic: unwrought, non-monetary gold trades at approximately $42,430 per kilogram, while monetary gold commands a premium of over $223,360 per kilogram. This Argentina HS Code 7108 breakdown shows a classic commodity market for raw bullion, with price sensitivity driven by purity and weight. The tiny monetary gold segment operates as a specialized, high-value niche entirely separate from the bulk trade.

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

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Argentina Gold Destination Countries

Geographic Concentration & Market Risk

Argentina's Gold export destinations show extreme reliance on Switzerland, which captured 52.5% of total export value in the first three quarters of 2025. The United States and India follow at 24.5% and 14.2% respectively, creating a top-heavy dependency where three partners absorb over 90% of value. This concentration exposes Argentina to significant market risk if Swiss refining demand or trade terms shift unexpectedly.

Purchasing Behavior & Demand Segmentation

Switzerland's value ratio (52.5%) dramatically exceeds its weight ratio (13.5%), indicating quality-conscious demand for high-value specifications rather than bulk shipments. The high frequency ratio (48.2%) confirms consistent premium transactions, likely for refining into investment-grade products. This market offers Argentina margin potential through premium pricing rather than volume scale, with trade partners for Gold prioritizing value retention over mass quantity.

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

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Action Plan for Gold Market Operation and Expansion

• Hedge price exposure: Lock in contracts during policy-driven surges (e.g., post-Decree 682) to mitigate Argentina’s gold price volatility.
• Diversify buyers: Reduce dependence on Switzerland by targeting U.S. and Indian refiners, which account for 38.7% of export value combined.
• Optimize logistics: Bulk shipments of unwrought gold (99.8% of volume) should prioritize cost-efficient transport to preserve margins.
• Capture premium niches: Monetize the $223,360/kg monetary gold segment through targeted marketing to high-end buyers.
• Monitor policy windows: Argentina’s 0% export duty (until October 31 or $7B cap) demands agile trade execution to maximize tariff savings.

Take Action Now —— Explore Argentina Gold HS Code 7108 Export Data

Frequently Asked Questions

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

Argentina's gold export volatility in 2025 is primarily driven by policy shifts, including a temporary 0% export duty introduced in September, which spurred a 52.1% month-on-month rebound. Earlier price spikes reflect speculative moves ahead of regulatory clarity.

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

Switzerland dominates with 52.5% of export value, followed by the U.S. (24.5%) and India (14.2%). These three markets absorb over 90% of Argentina’s gold exports, creating high geographic concentration.

Q3. Why does the unit price differ across destination countries of Argentina Gold Export in 2025?

Price disparities stem from product type: unwrought, non-monetary gold trades at $42,430/kg, while monetary gold commands a premium ($223,360/kg). Switzerland’s focus on high-value refining drives its disproportionate value share.

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

Exporters should prioritize premium pricing for Switzerland’s quality-conscious demand while diversifying to mitigate risks from over-reliance on three markets. Timing shipments to leverage policy windows (e.g., duty suspensions) is critical.

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

Buyers in Switzerland benefit from consistent high-value shipments for refining, while U.S. and Indian buyers access bulk commodity gold. All face supply chain risks due to Argentina’s export volatility and policy dependence.

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

Argentina’s gold exports (99.6% unwrought, non-monetary) are primarily raw bullion for refining or industrial use, with a negligible share of monetary gold reserved for high-value financial transactions.

Detailed Monthly and Quarterly Report

Argentina HS Code 7108 Export Data Snapshot 2025 JAN

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Argentina HS Code 7108 Export Data Snapshot 2025 Q1

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