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Gold July 06, 2020 09:30:46 PM

U.S. Gold Exports Till May Surged Significantly

Paul Ploumis
ScrapMonster Author
The monthly imports, by value, totalled $8.77 billion for the month of May ‘20 alone.

U.S. Gold Exports Till May Surged Significantly

SEATTLE (Scrap Monster): The U.S. exports of gold increased marginally by 6.45% through May this year to total $7.08 billion. This compares with the exports of $6.65 billion during the corresponding five-month period last year. The exports totalled $1.42 billion in May 2020.

The top five trade partners were the UK ($4.16 billion), Switzerland ($1.59 billion), Canada ($588.87 million), India ($201.46 million) and Italy ($160.31 million). These top five export destinations accounted for nearly 94% of the total U.S. gold exports during Jan-May ‘20. The combined exports to the above countries totalled $16.15 billion.

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Meantime, the U.S. imports of gold surged higher significantly by 644% during the opening five months of the current year. The gold imports during Jan-May ‘20 were valued at $19.96 billion, as compared with $2.68 billion during the corresponding period a year before. The monthly imports, by value, totalled $8.77 billion for the month of May ‘20 alone.

The leading source of import by the U.S was Switzerland. The imports from that country totalled $8.77 billion, accounting for nearly 44% of the total U.S. imports. In second place was Singapore ($2.19 billion), followed by Australia ($2.16 billion) in third spot. The other key sources of import were Canada ($1.72 billion) and Hong Kong ($1.37 billion).

The U.S. imported $16.21 billion worth of gold from the above top five sources, representing over 81% of the total imports during the initial five-month period of 2020.

 

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