Gold exports from Switzerland totaled 121 mt in April, down 17% from 147 mt a year earlier, Swiss federal customs data showed Tuesday.
The total is down 13% from 140 mt in March, when volumes reached their highest level to date in 2017.
India was the largest destination for Switzerland's gold for the fourth straight month, over double 22 mt recorded a year earlier to 48 mt.
The volume was down 13% from 56 mt in March, when exports reached a four month high. Year-to-date, volumes to India total 168 mt, up 74% on the same period a year earlier and the highest for three years.
Exports to China totaled 40 mt in April, up from 19 mt a year earlier and 68% higher than 24 mt reported in March.
Flows to Hong Kong totaled 13 mt, up 34% from 9.6 mt a year earlier, but 47% lower than 24 mt reported in March.
Combined, total exports to China and Hong Kong for the first four months of the year totaled 169 mt, down 3.5% on the same period a year earlier and the lowest for at least three years.
Exports to Singapore totaled just 3 mt in April, less than half the 6.2 mt reported in March, but double the 1.5 mt a year earlier.
Flows west remain low, with exports to the UK falling below 1 mt for the first time since January 2016, from just under 3 mt in March and 77 mt a year earlier.
The UK was the largest destination for Switzerland's gold last year due to a surge in investor demand, especially via gold-backed ETFs, but has fallen away significantly this year.
Exports to the US were just under 0.4 mt, largely unchanged on the month.
Gold prices averaged $1,265/oz in April, according to London Bullion Market Association data, its highest monthly average for six months, up from $1,231/oz in March.
Spot gold was priced $1,260/oz Tuesday at 1000 GMT, largely unchanged on the day.
