U.S. Gold Exports Witnessed Substantial Decline

SEATTLE (Scrap Monster): The U.S. exports of gold through the first seven months of the current year recorded substantial decline. The exports were down by nearly 29% over the previous year to total $9.09 billion. The U.S. Gold exports were valued at $12.72 billion during the corresponding seven-month period last year.

The top foreign market for U.S. gold exports was the U.K. The country received approximately $5.71 billion worth of gold from the U.S., thereby accounting for nearly 63% 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 $1.36 billion. In third place was India with total imports of gold worth $966.03 million from the U.S. The other key export destinations were Canada ($315.37 million) and Italy ($208.26 million).

The U.S. gold imports too dropped considerably by nearly 31% to total $4.03 billion through July this year. This compares with the import of $5.81 billion during Jan-July ’18.
The leading source of gold imports by the U.S. was Mexico. The country accounted for almost 40% of all imports by the U.S. Meanwhile, the imports from Mexico were down significantly by 19% to total $1.6 billion. The second largest gold exporter to the U.S. was Canada. The country’s gold imports from Canada totaled $1.03 billion. The other major sources of import were Peru ($279.78 million), Colombia ($250.56 million) and Nicaragua ($239.21 million).