Report: Malaysia imposes a 10% tariff on some gold bar imports

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Malaysia has quietly imposed a 10% tariff on some gold bar imports, causing chaos in the country's precious metals trade.

According to a Bloomberg report on Tuesday, informed traders revealed that at least since early May this year, some inbound shipments of gold bars have been subject to a 10% import tariff. Since the extra costs cannot be offset by a rise in local gold prices, the related import business faces loss pressure, with some shipments being held at customs and others rerouted to different destinations. A spokesperson for the Royal Malaysian Customs Department said the Ministry of Finance will communicate with the industry regarding the import of “minted gold products.”

This move has had a direct impact on Malaysia’s gold investment market. Local Islamic bank Bank Muamalat Malaysia Bhd. issued a statement this week stating that whenever a 10% precious metals import tax is involved, the relevant costs will be passed on to customers.

Shipments blocked, trade chain under pressure

Several traders and dealers stated that some imported gold bar shipments have been detained at customs, while others have been redirected to other destinations. The core issue is that: the 10% additional tariff significantly increases import costs, while local gold prices have not risen by a corresponding margin, resulting in importers’ profit margins being squeezed into the loss zone.

The Royal Malaysian Customs Department spokesperson gave a vague response, only mentioning that the Ministry of Finance will communicate with the industry about the import issues of “minted gold products,” without providing specific explanations for the tariff policy or its scope of application.

Sudden policy changes amid rising demand

The imposition of the tariff comes at a time when Malaysia’s gold demand is rapidly expanding. Earlier this year, gold prices reached a historic high, boosting global investor interest in the commodity, including in Asia. Over the past year, multiple local banks in Malaysia have successively launched gold investment products; precious metals logistics company Loomis AB also opened a vault near Malaysia’s capital to meet growing market demand.

Data from the Malaysian Statistics Department shows that as of April this year, the country’s non-monetary gold imports totaled about 9.7 billion ringgit (around $2.5 billion), indicating a considerable market size.

With the policy direction still unclear, cost transfer has already started. Bank Muamalat Malaysia Bhd.’s statement explicitly says that once the 10% import tax is levied, the relevant costs will be borne by customers, meaning retail investors purchasing gold investment products will directly feel price pressure.

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