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Metal Recycling News February 15, 2018 02:30:40 PM

Exports of Scrap of Precious Metal by the US Narrowed 19% in 2017

Paul Ploumis
ScrapMonster Author
The US imports of scrap of precious metals increased 17% through December last year to $1.84 billion.
Exports of Scrap of Precious Metal by the US Narrowed 19% in 2017

SEATTLE (Scrap Monster):  The recent trade statistics published by the US Census Bureau suggests significant drop in exports of scrap of precious metal by the country during 2017. On the contrary, imports recorded notable increase during the previous year.

The exports totaled $3.72 billion during entire year 2017. This is roughly 19% down when matched with the exports of $4.57 billion during 2016.

The top five foreign markets for US exports were Canada, Germany, United Kingdom, Italy and Japan. These five countries received almost 85% of the shipments out of the US. Canadian imports totaled $1.067 billion, accounting for 29% of total US exports. The imports by the country dropped sharply by 8% over the previous year. Imports by Germany skyrocketed by over 116% to total $702 million. Meantime, imports by the UK surged higher by more than 18% year-on-year to total $549.2 million. Italy and Japan imported $513.9 million and $346.7 million worth of precious metal scrap during 2017.

The US imports of scrap of precious metals increased 17% through December last year to $1.84 billion. The imports had totaled only $1.58 billion during the prior year. Among the nearly 1,265 imported commodities, the category was ranked 198.

ALSO READ: Copper Waste and Scrap Exports by the US Surged 24% in 2017

The primary supplier of scrap of precious metals to the US was Germany. The German exports totaled $457.8 million, accounting for nearly one-fourth of the total imports by the US during 2017. The imports from Germany surged higher significantly by 56% over the previous year. The second largest exporter was Canada. The supplies from the neighboring country increased by almost 8% and represented 16% share of total imports. In third place was the UK with supplies totaling $154.2 million. The imports from the UK were up modestly by nearly 7% in 2017. The other key exporting countries were Mexico ($116.5 million) and Qatar ($112.8 million).

The imports from the above five countries accounted for 62% of the total US imports in 2017. The combined imports from these countries totaled $1.14 billion.

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