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Gold September 12, 2019 03:30:58 PM

U.S. Gold Exports Witnessed Substantial Decline

Paul Ploumis
ScrapMonster Author
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.

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).

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