U.S. Precious Metal Scrap Exports Soared 74%

SEATTLE (Scrap Monster): The latest U.S. Census Bureau data points to nearly 74% surge in the country’s exports of precious metal scrap through February 2020. The exports surged higher from $707.78 million in Jan-Feb ’19 to $1.23 billion in the opening two month-period this year.

The UK emerges as the top trade partner, receiving $340.09 million worth of precious metal scrap exported by the U.S. This accounted for approximately 28% of the total U.S. exports during the year. Also, UK’s imports from the country skyrocketed by nearly 186% from the prior year. The other leading export destinations were Canada ($299.13 million), Germany ($196.93 million), Italy ($167.46 million) and Japan ($130.8 million).

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The U.S. shipments to the above top five foreign markets totalled $1.13 billion, accounting for more than 92% of the total exports.

Meantime, the U.S. imports of precious metal scrap too witnessed notable increase, surging higher by more than 92% over the previous year from $269.37 million to $518.26 million.

The leading source of import was Germany. The imports from that country totalled around $145 million, higher by 124% from the previous year. Germany accounted for almost 28% of all U.S. imports. The other key suppliers were Canada ($103.77 million), the U.K. ($78.42 million), Mexico ($25.19 million) and Thailand ($22.92 million).

The exports and imports, by value, in February 2020 stood at $666.82 million and $293.94 million respectively said the U.S. Census Bureau data.