The Trade Structure of Gold in International Commerce: Competitive Advantage, Import Intensity, and Functional Country Roles

Abstract

This study aims to examine the trade structure of gold in international commerce by revealing the competitive advantages, import intensities, and functional roles of leading countries. Using Trademap data for the period 2015–2024, the top 20 countries in gold import and export were identified, and the Revealed Comparative Advantage (RCA) and Relative Import Advantage (RMA) indices were calculated. The findings indicate significant structural differences in gold trade among countries. Nations such as Switzerland, the United Arab Emirates, and Hong Kong stand out as processing and re-export hubs with both high RCA and RMA values, while countries like South Africa, Peru, and Ghana function as direct producers and exporters. In contrast, India and Türkiye display high import intensity, reflecting a final consumer economy profile. Based on a combined evaluation of RCA and RMA scores, countries were classified into four distinct functional trade roles, highlighting structural segmentation within the global gold value chain. The study argues that in the case of strategic commodities like gold, countries should be analyzed not solely based on trade volume, but also through their functional positioning within the global trade system. The results offer a valuable framework for policymakers and researchers in the design of international trade strategies.