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Gold December 11, 2019 04:30:01 PM

U.S. Gold Exports Recorded Notable Decline

Paul Ploumis
ScrapMonster Author
The top foreign market for U.S. gold exports was the U.K.

U.S. Gold Exports Recorded Notable Decline

SEATTLE (Scrap Monster): The U.S. exports of gold through the first ten months of the current year recorded substantial decline. The exports were down by over 24% over the previous year to total $13.07 billion. The U.S. gold exports were valued at $18.05 billion during the corresponding ten-month period last year.

The top foreign market for U.S. gold exports was the U.K. The country received approximately $8.75 billion worth of gold from the U.S., thereby accounting for nearly 64% of all the U.S. shipments. The second largest destination of gold exports from the U.S. was Switzerland. The exports to that country were valued at $2.0 billion. In third place was India with total imports of gold worth $1.11 billion from the U.S. The other key export destinations were Canada ($566.98 million) and Italy ($463.52 million).

The U.S. gold imports too dropped considerably by nearly 17% to total $6.62 billion through October this year. This compares with the import of $7.98 billion during Jan-Oct ’18.
The leading source of gold imports by the U.S. was Mexico. The country accounted for almost 37% of all imports by the U.S. Meanwhile, the imports from Mexico were down significantly by over 9% to total $2.42 billion. The second largest gold exporter to the U.S. was Canada. The country’s gold imports from Canada totalled $1.64 billion. The other major sources of import were Colombia ($415.41 million), Switzerland ($388.87 million) and Nicaragua ($371.34 million).

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