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

Mexico Gold Export (HS 7108) Key Takeaways

Mexico's Gold Export under HS Code 7108 in March 2025 was dominated by unwrought gold, with non-monetary gold (71081291) accounting for 45% of value, reflecting a commodity-driven trade tied to global prices. The market showed signs of correction, with export value dropping to $957.4M after a January peak, though unit prices remained elevated at $6,347.62/kg. Buyer concentration is high, with refiners like MKS PAMP SA driving 78% of value, creating reliance on a few key players. The U.S. and Canada were top destinations, while the U.K. and Switzerland absorbed high-value refined shipments. This analysis is based on cleanly processed Customs data from the yTrade database for March 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, driving consistent global demand due to its dual role as a commodity and a store of value.

Current Context and Strategic Position

Global gold markets remain sensitive to macroeconomic shifts, including inflation trends and currency fluctuations, which influence trade dynamics. Mexico's gold export sector holds strategic importance as a key supplier, particularly to manufacturing hubs and financial markets. Monitoring hs code 7108 trade data is essential to gauge Mexico's competitive positioning and adapt to evolving demand patterns. Vigilance is warranted to navigate potential price volatility and capitalize on emerging opportunities in this high-value trade flow.

Mexico Gold Export (HS 7108) Price Trend

Key Observations

Mexico's Gold exports in March 2025 reached a total value of $957.40 million, with an average unit price of $6,347.62 per kilogram. This performance reflects a market adjusting from the elevated levels seen earlier in the year.

Price and Volume Dynamics

The Mexico Gold Export trend showed notable shifts in early 2025. While the unit price in March was down from February's peak of $7,610.77 per kg, it remained well above January's $5,666.35, indicating sustained price strength. Total export value and volume, however, fell sequentially from January's $1.11 billion and 196.14K kg. This pattern suggests a market correction following a period of heightened activity, possibly driven by global demand fluctuations and peso volatility rather than specific policy announcements. The hs code 7108 value trend demonstrates how gold markets can quickly recalibrate after speculative spikes, balancing price resilience with more moderated trade volumes.

Mexico Gold Export (HS 7108) HS Code Breakdown

Product Specialization and Concentration

According to yTrade data for March 2025, Mexico's export under HS Code 7108 is dominated by unwrought gold, specifically the sub-code 71081291 for non-monetary gold, which holds a 45% value share with a unit price of USD 3,674 per kilogram. This high unit price compared to weight indicates a specialized, high-value product focus. An anomaly is present for monetary gold with extremely high unit prices, which has been isolated from the main analysis due to its minimal share.

Value-Chain Structure and Grade Analysis

The non-anomalous sub-codes fall into two clear categories: unwrought gold and semi-manufactured gold. Unwrought forms, like those in 71081291, make up the bulk of exports by weight and value, suggesting a trade in fungible bulk commodities where pricing is often tied to global indices. Semi-manufactured gold, such as in 71081391, represents a smaller but still significant segment, indicating some level of value addition but not enough to shift the overall commodity nature of Mexico's HS Code 7108 exports.

Strategic Implication and Pricing Power

For market players, Mexico's HS Code 7108 trade data reveals a reliance on raw gold exports, which limits pricing power to commodity market fluctuations. To enhance competitiveness, focusing on expanding semi-manufactured or higher-grade products could diversify risk and capture more value, though the current structure favors volume-driven strategies aligned with global gold prices.

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 was the dominant destination for Mexico's gold exports in March 2025, accounting for 32.37% of the total export value. A significant disparity exists between its value share and its weight share of 31.64%, indicating the shipments to the U.S. consisted of gold with a near-average unit price. Canada plays a critical volume role, receiving 59.57% of the total export weight but only 23.44% of the value, which strongly suggests these were bulk shipments of raw or unrefined material.

Destination Countries Clusters and Underlying Causes

The top partners form two clear clusters. The first is a High-Yield Cluster, comprising the United Kingdom and Switzerland. The U.K. took 31.11% of the export value from just 3.02% of the weight, while Switzerland took 11.38% of the value from 5.11% of the weight. This profile indicates these countries are destinations for high-value, refined gold products. The second is a Volume Cluster, singularly represented by Canada. Its massive weight share points to its role as a primary hub for processing raw bullion or scrap metal. The remaining countries form a long tail of minor, transactional buyers.

Forward Strategy and Supply Chain Implications

For Mexico's gold export strategy, the data suggests a clear path: prioritize value addition for the high-margin European markets like the U.K. and Switzerland to maximize revenue. Simultaneously, the supply chain for the bulk trade with Canada must be optimized for cost-efficient logistics, as it represents a high-volume, lower-margin business. Without specific trade news, these established flows are expected to continue, requiring a dual-focused approach to capture both premium and volume-driven segments of the HS Code 7108 market.

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 March 2025 is highly concentrated. A core group of large-scale, frequent buyers dominates, accounting for 78.12% of the total export value. This group also handles 86.32% of the total quantity, making them the typical trade profile for Mexico's Gold Export under HS code 7108.

Strategic Buyer Clusters and Trade Role

The profile of HS code 7108 buyers indicates a direct-to-factory trade model, with refiners like MKS PAMP SA and METALOR USA REFINING CORP leading the core segment. Another notable group consists of occasional large-volume buyers, contributing 18.69% of value but only 4.51% of transaction frequency. Two smaller segments complete the four types of buyers: one with high frequency but low value per shipment, and another with minimal overall impact.

Sales Strategy and Vulnerability

For Mexican gold exporters, strategy must focus on maintaining strong ties with the core large-scale buyers, as they drive most revenue. The high value but infrequent buyer group represents a secondary opportunity but also a vulnerability if their orders fluctuate. The overall buyer structure for Mexico Gold Export trade is stable, but reliance on a few major players requires careful relationship management. No specific trade news or policy changes affect this outlook.

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

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Action Plan for Gold Market Operation and Expansion

• Use hs code 7108 trade data to track real-time global gold prices and quality premiums, ensuring Mexico's Gold Export pricing remains competitive and aligned with market benchmarks.
• Target high-value buyers in the U.K. and Switzerland by promoting semi-manufactured gold products, as these markets offer higher margins and reduce reliance on bulk commodity sales.
• Optimize the Gold supply chain for high-volume shipments to Canada by negotiating bulk freight rates and streamlining customs processes to maintain cost efficiency.
• Diversify Mexico Gold Export buyer relationships by identifying and engaging occasional large-volume purchasers, reducing vulnerability to demand shifts from core refiners.
• Monitor and report on trade policy or news affecting key destinations like the U.S. and Canada, enabling proactive adjustments to Mexico's export strategy and supply chain logistics.

Take Action Now —— Explore Mexico Gold Export Data

Frequently Asked Questions

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

Mexico's gold exports in March 2025 reflect a market correction, with unit prices down from February's peak but still above January levels. The sequential decline in volume and value suggests a recalibration after earlier speculative spikes, likely tied to global demand shifts and peso volatility.

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

The U.S. (32.37% of value), Canada (23.44% of value), and the U.K. (31.11% of value) dominate Mexico's gold exports. Canada handles 59.57% of the weight, indicating bulk shipments, while the U.K. and Switzerland receive high-value refined products.

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

Price differences stem from product specialization: bulk unwrought gold (e.g., sub-code 71081291) shipped to Canada has lower unit prices, while high-value semi-manufactured gold sent to the U.K. and Switzerland commands premiums.

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

Exporters should prioritize maintaining relationships with core large-scale buyers (78.12% of value) while expanding value-added semi-manufactured gold for high-margin markets like the U.K. and Switzerland to diversify revenue streams.

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

U.S. and European buyers benefit from stable, high-value shipments, while Canadian refiners rely on cost-efficient bulk raw material flows. Infrequent large-volume buyers face potential supply volatility if Mexican exporters over-rely on core clients.

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

Mexico primarily exports unwrought gold (e.g., non-monetary bullion) as a fungible commodity, with smaller volumes of semi-manufactured gold indicating limited value addition. Most shipments feed refining or industrial production abroad.