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Gold bar exports to UK rise 10,800% in 2 months of 2015

Gold bar exports to UK rise 10,800% in 2 months of 2015

ANKARA: Gold bar exports to the UK soared by more than 10,800 percent in the first two months of 2015 compared to the same period last year

Turkey’s gold bar exports to the UK increased by more than a hundredfold in the first two months of 2015 compared with the same period last year, according to the Turkish Statistical Institute.

The increase of more than 10,800 percent in exports, excluding jewelry, is estimated to be worth about $545 million.

Gold-loving Turkey exported 13.5 tonnes of gold bars to the UK during the period, up from 108 kilograms in the same period last year – or 125 times the amount.

According to TurkStat, the country’s gold bar exports increased financially by 200 percent in the first two months of 2015 to $2.97 billion compared with $994 million during the same period in 2014.

Turkey saw its gold bar exports reach 74 tonnes in the first two months of 2015 compared with 24.4 tonnes for the same period in 2014.

Turkey exported most gold bars to Switzerland, worth nearly $2 billion – an increase of 173 percent.