U.S. H1 2019 Gold Exports Nosedived 25%

SEATTLE (Scrap Monster): The U.S. exports of gold dropped significantly by nearly 28% through the first six months of the current year. The trade data released by the U.S. Census Bureau indicates that the country’s gold exports totaled $7.87 billion from January to June in 2019, down by 27.80% when matched with the exports of $10.90 billion during the corresponding six-month period in 2018.

The top foreign market for U.S. gold exports was the U.K. The country received approximately $4.92 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 $1.14 billion. In third place was India with total imports of gold worth $961.73 million from the U.S. The other largest export destinations were Canada ($247.33 million) and the UAE ($149.51 million).

The U.S. gold imports too dropped considerably by more than 35% to total $3.28 billion through June this year. This compares with the import of $5.07 billion during Jan-June ’18.

The leading source of gold imports by the U.S. was Mexico. The country accounted for almost 41% of all imports by the U.S. The imports from Mexico were down significantly by 22% to total $1.35 billion. The second largest gold exporter to the U.S. was Canada. The country’s gold imports from Canada totaled $757.03 million. The other key sources of import were Peru ($218.69 million), Colombia ($218.28 million) and Nicaragua ($192.15 million).