U.S. Gold Exports Declined Substantially Through May

SEATTLE (Scrap Monster): The U.S. exports of gold recorded sharp decline by 27.69% during the initial five months of the current year. The exports during this period totaled $6.65 billion. This is upon comparison with the exports of $9.20 billion during the corresponding five-month period in 2018. For the month of May ’19 alone, the U.S. gold exports totaled $1.1 billion. The full year exports had totaled $20.31 billion in 2018.

The top five market destinations for U.S. gold exports were the UK ($4.15 billion), Switzerland ($976.73 million), India ($841.48 million), Canada ($201.48 million) and the UAE ($124.2 million). These top five trade partners accounted for nearly 94.58% of the total U.S. gold exports during Jan-May ’19. The cumulative exports to the above countries totaled $6.29 billion out of the total exports of $6.65 billion.

Meantime, the U.S. imports of gold witnessed notable decline by 37.38% during the opening five months of the current year. The gold imports from January to May in 2019 were valued at $2.68 billion, as compared with $4.29 billion during the corresponding five-month period a year before.

ALSO READ: WGC Spotlights Four Major Trends That Reshaped Gold Demand

The primary source of gold import by the U.S was Mexico. The imports from that country totaled $1.08 billion, accounting for just over 40% of the total U.S. imports. In second place was Canada, which supplied $661.02 million worth of gold to the U.S, followed by Colombia in third place. The imports from Colombia totaled $195.4 million. The other key sources of import were Peru ($185.36 million) and Nicaragua ($154.27 million). The imports from the above countries accounted for nearly 85% of all imports by the U.S. during Jan-May ’19.