Mexico Gold Export Market -- HS Code 7108 Trade Data & Price Trend (Feb 2025)

Mexico Gold Export (HS 7108) Key Takeaways

Mexico's Gold Export under HS Code 7108 in February 2025 was dominated by high-value unwrought gold, accounting for over 80% of export value, while semi-manufactured products played a minor role. The market saw a sequential decline to $976.68 million, reflecting typical volatility in precious metals. Buyer concentration was extreme, with refiners making up 90% of trade, creating dependency risks. The U.S. absorbed nearly half the volume but at lower unit prices, while the UK and Canada drove higher-margin shipments. This analysis is based on cleanly processed Customs data from the yTrade database for February 2025.

Mexico Gold Export (HS 7108) Background

What is HS Code 7108?

HS Code 7108 covers gold in unwrought or semi-manufactured forms, including powder. This product is a critical raw material for industries such as jewelry, electronics, and central bank reserves, driven by its intrinsic value and global demand as a safe-haven asset. Its trade dynamics are closely tied to commodity price fluctuations and industrial production cycles.

Current Context and Strategic Position

Global gold markets remain sensitive to macroeconomic shifts, including inflation trends and currency volatility, which influence trade flows. Mexico's gold export sector plays a strategic role, leveraging its mining output to meet international demand, particularly from manufacturing and financial sectors. Monitoring Mexico's gold export trends under HS Code 7108 trade data is essential for anticipating supply chain adjustments and pricing pressures. Vigilance is warranted as geopolitical and economic uncertainties could reshape trade patterns in 2025.

Mexico Gold Export (HS 7108) Price Trend

Key Observations

In February 2025, Mexico's gold exports under HS code 7108 totaled 976.68 million USD, reflecting a decrease from the previous month's performance. This shift highlights the inherent volatility in the precious metals trade, often driven by broader economic factors rather than isolated events.

Price and Volume Dynamics

The Mexico Gold Export trend exhibited a sequential decline from January to February 2025, with values falling from 1.11 billion USD to 976.68 million USD. This movement is consistent with typical fluctuations in global gold markets, which can be influenced by currency exchange rates and shifts in international demand cycles, rather than specific policy changes. The hs code 7108 value trend suggests a cautious approach in the early part of the year, potentially reflecting adjustments in mining output or investor sentiment amid uncertain economic conditions.

Mexico Gold Export (HS 7108) HS Code Breakdown

Product Specialization and Concentration

Mexico's export of HS Code 7108 in February 2025 is heavily concentrated in unwrought gold. According to yTrade data, two unwrought gold products dominate, accounting for over 80% of the total export value and more than 75% of the weight. These products trade at a high unit price of around 6,000 to 16,700 USD per kilogram, confirming their role as the primary export specialty. A small volume of monetary gold is also present, but its extreme unit price of over 60,000 USD per kilogram marks it as a distinct anomaly, isolated from the main analysis due to its unique market role.

Value-Chain Structure and Grade Analysis

The remaining non-anomalous exports consist of semi-manufactured gold products. These items represent a more advanced stage in the value chain but contribute a smaller share, under 5% of the total value, and trade at a significantly lower unit price of approximately 3,000 to 3,600 USD per kilogram. This structure shows that Mexico’s export under HS Code 7108 is primarily focused on high-value, bulk commodity forms of gold, with minimal activity in semi-processed goods. The clear price gap between unwrought and semi-manufactured forms indicates a market driven by raw material quality and mass, not complex manufacturing.

Strategic Implication and Pricing Power

Mexico holds strong pricing power in the unwrought gold segment, which forms the core of its HS Code 7108 trade data. Exporters should focus on maintaining quality and volume in this dominant category to leverage their market position. The semi-manufactured gold niche offers limited strategic value due to its small scale and lower margins. For traders and analysts, monitoring shifts in the bulk gold market will be more critical than tracking minor semi-finished flows.

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

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Mexico Gold Export (HS 7108) Destination Countries

Geographic Concentration and Dominant Role

The United States is the dominant destination for Mexico's Gold exports in February 2025, receiving 49.09% of the total export value. This share is significantly lower than its 69.40% share of the total weight, indicating these shipments consist of lower-value or raw forms of the metal. This disparity suggests the US market acts as a primary conduit for bulk Gold exports from Mexico.

Destination Countries Clusters and Underlying Causes

The data reveals two distinct clusters of buyers. The first is a High-Yield Cluster, comprising the United Kingdom and Canada. They account for 22.17% and 17.08% of the total export value, respectively, despite having much lower weight shares. This profile points to shipments of higher-purity, refined, or value-added Gold products destined for financial or jewelry markets. The second is a Transactional Cluster, led by Switzerland, which has a high shipment frequency (15.74%) relative to its value share (9.41%). This pattern implies a trade flow characterized by smaller, more frequent transactions, potentially related to refining or financial trading hubs.

Forward Strategy and Supply Chain Implications

Mexico's Gold export strategy should prioritize nurturing relationships with high-margin partners in the UK and Canada to maximize returns. The supply chain for bulk shipments to the US appears efficient but yields a lower value per kilogram; exploring opportunities to upgrade or refine more metal domestically before export could capture more value. For the transactional flow with Switzerland, logistics should be optimized for speed and flexibility to support frequent, smaller shipments. No specific trade news or policy was announced to influence these February trends.

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

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Mexico Gold (HS 7108) Buyers Analysis

Buyer Market Concentration and Dominance

According to yTrade data, the Mexico Gold Export buyer market in February 2025 is highly concentrated. One group of buyers dominates, accounting for over 90% of the total export value. This small set of frequent, high-volume buyers defines the typical trade for Mexico's gold exports. The market relies heavily on these key players.

Strategic Buyer Clusters and Trade Role

The profile of HS code 7108 buyers indicates an intermediated market. The dominant buyers are large refiners, suggesting most gold moves through specialized processing firms. The other three segments of buyers play minor roles. One group makes large but infrequent purchases, while two others buy smaller amounts either regularly or occasionally. These smaller buyers likely include jewelers and industrial users.

Sales Strategy and Vulnerability

For Mexican gold exporters, strategy must focus on maintaining strong ties with the major refining companies. The high dependence on a few buyers creates risk if one reduces orders. There is no specific trade news to change this outlook. Exporters should ensure consistent quality and reliable delivery to protect their core relationships, while also exploring opportunities with the smaller buyer groups to diversify slightly.

Table: Mexico Gold (HS 7108) Top Buyers List (Source: yTrade)

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Action Plan for Gold Market Operation and Expansion

• Prioritize shipments of higher-purity gold to buyers in the UK and Canada, as the hs code 7108 trade data shows they pay a significant premium, which will increase the overall value of the Mexico Gold Export.
• Diversify the buyer base by targeting smaller, non-refinery clients like jewelers to reduce reliance on a few large refiners and mitigate risk within the Gold supply chain.
• Optimize logistics for bulk, lower-value shipments to the United States to maintain cost efficiency and secure your dominant market share for unwrought gold exports from Mexico.
• Use hs code 7108 trade data to continuously monitor for shifts in buyer frequency and global gold prices, allowing for rapid strategic adjustments to protect profitability.

Take Action Now —— Explore Mexico Gold Export Data

Frequently Asked Questions

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

Mexico's gold exports declined from $1.11 billion in January to $976.68 million in February 2025, reflecting typical volatility in global gold markets. The drop aligns with broader economic factors like currency fluctuations and demand cycles rather than specific policy changes.

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

The U.S. dominated with 49.09% of export value, followed by the UK (22.17%) and Canada (17.08%). The U.S. shipped bulk, lower-value gold, while the UK and Canada received higher-purity or refined products.

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

Price gaps stem from product specialization: unwrought gold (bulk, $6,000–$16,700/kg) dominates exports to the U.S., while the UK and Canada receive higher-value semi-manufactured or refined gold ($3,000–$3,600/kg).

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

Exporters must prioritize relationships with major refiners (90% of trade) to mitigate reliance on a few buyers. Diversifying into high-margin markets like the UK and Canada could enhance profitability.

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

U.S. buyers benefit from bulk, cost-effective shipments, while UK/Canadian buyers access premium products. Switzerland’s transactional cluster offers flexibility for frequent, smaller trades.

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

Unwrought gold (80% of exports) serves as raw material for refiners, while semi-manufactured gold (under 5% share) targets jewelry or industrial uses. Monetary gold is a niche, high-value segment.