U.S. Gold Exports Topped $12 Billion

SEATTLE (Scrap Monster): The U.S. gold exports through the first nine months of the current year totalled $12.22 billion. However, this is significantly lower by almost 26% when compared with the previous year. The country had exported gold worth $16.48 billion from January to September in 2018.

According to recent trade data published by the U.S. Census Bureau, the top trade partner for U.S. gold exports was the UK. The country’s imports accounted for more than 63% of all shipments by the U.S. The exports to the UK, at $7.75 billion, skyrocketed by nearly 72% over the previous year. The second largest importer was Switzerland, whose imports from the U.S. totalled $1.79 billion. In third place was India, whose imports from the U.S. were valued at $1.06 billion.

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Meantime, the U.S. imports of gold too witnessed heavy decline by 18.41% through September this year. The exports were down from $7.28 billion to $5.94 billion over the year. The leading source of import was Mexico, whose supplies to the U.S. amounted to $2.14 billion. The U.S. imported $1.5 billion worth of gold from Canada in Jan-Sep ’19. The other key gold suppliers were Switzerland ($376.24 million), Colombia ($347.31 million) and Nicaragua ($336.97 million).

The U.S. Census Bureau data suggests that more than 79% of all gold imports to the U.S. were shipped by the above fie countries. The cumulative gold shipments by the above top five markets totalled $4.7 billion out of the total exports of $5.94 billion.