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Gold November 16, 2017 01:30:18 PM

Gold Exports by the US Surged 33% through September

Paul Ploumis
ScrapMonster Author
The country’s gold exports totaled $15.52 billion during Jan-Sep ’17. This is roughly 33% higher when compared with the shipments during the corresponding nine-month period in 2016.
Gold Exports by the US Surged 33% through September

SEATTLE (Scrap Monster): The US exports of gold surged higher by almost a third during the first nine months of 2017. This is in accordance with the latest trade statistics released by the U.S. Census Bureau. On the other hand, imports of gold by the country declined by nearly 40% through September this year.

The country’s gold exports totaled $15.52 billion during Jan-Sep ’17. This is roughly 33% higher when compared with the shipments during the corresponding nine-month period in 2016. The US gold exports had totaled only $11.7 billion during the first three quarters of 2016. Through September, gold was the eleventh largest exported commodity. The country had exported $17.68 billion worth of gold during the entire year 2016.

The top importer of gold from the US was Switzerland. The exports to that country totaled $4.79 billion, higher by 14.4% over the previous year. Switzerland accounted for 30.86% of all gold shipments by the US. The exports to Hong Kong jumped higher by 76% to 3.54 billion, representing nearly 23% of US exports. In third place was the UK with imports of $3.46 billion worth of gold from the US. The other key export destinations were India ($1.80 billion) and China ($562.9 million).

The New York City Customs District accounted for nearly 41% of all gold shipments by the US. Los Angeles and Great Falls, Montana too shipped significant volumes with market share of 25.6% and 20% respectively. The top five Customs Districts including Miami and Cleveland accounted for 98% of gold exports from the US.

Meantime, U.S. imports of gold declined sharply by 40% year-on-year through the first nine months of the year from $13.18 billion to $7.88 billion. The imports had totaled $16.34 billion during the previous year.

The top five gold suppliers during Jan-Sep ’17 were Mexico, Canada, Peru, Colombia and Brazil. Year-on-year, the imports from Mexico dropped marginally by 2.19% to $2.31 billion. The imports from Canada totaled $1.52 billion, followed by Peru with $1.34 billion. The imports from Colombia and Brazil totaled $985.6 million and $447.7 million respectively. The top five suppliers accounted for nearly 84% of all gold imported by the US through September.

The top five Customs Districts that accounted for nearly 82% of all gold imported into the US were Miami; Great Falls, Mon; New York City; Ogdensburg, N.Y. and El Paso. The trade through these Customs Districts totaled $6.43 billion during Jan-Sep ’17.

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