US Gold Exports Through November Soared by 19%

SEATTLE (Scrap Monster): The US gold exports reported significant surge during the initial eleven-month period of the previous year. The exports during Jan-Nov ’17 rose sharply by nearly 19% when compared with the corresponding eleven-month period in 2016. Meantime, the recent trade data released by the US Census Bureau denoted that the country’s gold imports recorded 35% decline through November in 2017.

The exports of gold by the US totaled $18.43 billion during Jan-Nov ’17. This is almost higher by 19% when compared with the shipments during the corresponding eleven-month period in 2016. The US gold exports had totaled only $15.54 billion during the first eleven months in 2016.  The exports had surged higher by 28% during Jan-Oct '17. The full year exports are likely to surpass $20 billion in 2017. It must be noted that the US had exported $17.68 billion worth of gold during the entire year 2016.

The top importer of US gold was Switzerland. The imports of US gold by Switzerland totaled $5.8 million, accounting for nearly 32% of total US exports. The top importer recorded over 5% jump in volumes. The UK was the next largest importer of US gold. The shipments to that country rose considerably by almost 20% over the year to total $4.4 million. In third place was Hong Kong, which imported $3.9 million worth of gold from the US. The other major importing counties were India ($2.2 billion), China (612,096 tons) and the United Arab Emirates (598,068 tons).

ALSO READ: World Gold Demand Plunged to 8-Year Low in Q3 2017

On the other hand, the US imports of gold declined heavily during the opening eleventh-month period last year. The country’s imports have declined sharply by 35% through November 2017 to total $15.3 billion. It must be noted that the US had imported gold worth $16.34 during the full year 2017.

Almost 29% of the gold imported by the US came from Mexico. The imports from Mexico totaled $2.85 million. In second place was Canada with $2.13 billion, followed by Peru ($1.67) in third place. The imports from Colombia and Brazil totaled $1.16 billion and $570.18 million respectively. The imports from these five countries accounted for nearly 84% of the gold imported by the US.