US Gold Exports Surged 28% In Jan-Oct '17

SEATTLE (Scrap Monster): The exports of gold by the US surged higher significantly by 28% during the initial ten-month period of 2017 in comparison with the previous year. With reference to the latest trade data published by the US Census Bureau, the country witnessed 37% decline in gold imports during the same period.

The country’s gold exports totaled $17.22 billion during Jan-Oct ’17. This is roughly 28% higher when compared with the shipments during the corresponding ten-month period in 2016. The US gold exports had totaled only $13.43 billion during the first ten months of 2016. Through October, gold was the twelfth largest exported commodity. The country had exported $17.68 billion worth of gold during the entire year 2016.

The top destination of US gold exports was Switzerland. The exports to that country totaled $5.45 billion during Jan-Oct ‘17, higher by nearly 12% over the previous year. Switzerland accounted for 31.65% of all gold shipments by the US during this period. The second largest importer of gold from the US was the UK. The exports to the UK jumped higher by 26% to total 4.14 billion, representing nearly 24% of US exports. In third place was Hong Kong with imports of $3.58 billion worth of gold from the US. The other primary importers were India ($1.97 billion) and China ($611.89 million).

Nearly 43% of total gold shipments by the US were through The New York City Customs District. The other Customs Districts which shipped significant volumes were Los Angeles and Great Falls, Montana. The exports through these Customs Districts amounted to $4.15 million and $3.26 million respectively. The top five Customs Districts including Miami and Cleveland accounted for 98% of gold exports from the US.

Meantime, U.S. imports of gold witnesses 37% decline year-on-year through the first ten months of the year from $14.11 billion to $8.93 billion. The country had imported gold worth $16.34 billion during the entire year 2016.

The largest exporter of gold to the US was Mexico. The US gold imports from Mexico totaled $2.60 billion during Jan-Oct ’17. Of the total gold imported by the US, nearly 29.05% came from Mexico. The imports from Canada and Peru amounted to $1.82 billion and $1.50 billion respectively. The other two countries to feature in the top five suppliers list were Colombia and Brazil with exports of $1.07 million and $513.1 million. The top five supplying countries accounted for 84% of the total gold imports by the US through October this year.

The top five Customs Districts that accounted for nearly 82% of all gold imported into the US were Miami; Great Falls, Mon; New York City; Ogdensburg, N.Y. and El Paso. The trade through these Customs Districts totaled $7.17 billion during Jan-Oct ’17, representing 80% of total imports.