U.S. Gold Exports Soared 12% in 2017

SEATTLE (Scrap Monster): The US gold exports reported significant surge during the previous year. The exports during the year rose sharply by nearly 12% when compared with the previous year. This is in accordance with the recent trade data released by the US Census Bureau.

The exports of gold by the US totaled $19.82 billion during entire year 2017. This is higher by almost 12% when compared with the shipments during the prior year. The US gold exports had totaled only $17.68 billion in 2016. The category was ranked No.15 among all commodity groupings.

The top importer of US gold was Switzerland. The imports of US gold by Switzerland totaled $6.41 million, accounting for over 32% of total US exports. The top importer recorded marginal jump in volumes by 2%. The UK was the next largest importer of US gold. The shipments to that country rose considerably by almost 23% over the year to total $4.78 million. In third place was Hong Kong, which imported $3.95 million worth of gold from the US. The other major importing counties were India ($2.38 billion) and the United Arab Emirates (631.52 million tons).

The above top five destinations received $18.16 billion out of the total exports of $19.82 billion. This essentially means that nearly 92% of gold exports by the US in 2017 reached the above five foreign markets.

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On the other hand, the US imports of gold declined heavily by 32% during the previous year. The imports dropped from $16.34 billion in 2016 to $11.07 billion in 2017.

Nearly 28% of the gold imported by the US came from Mexico. The imports from Mexico totaled $3.15 billion. In second place was Canada with $2.59 billion, followed by Peru ($1.81 billion) in third place. The imports from Colombia and Brazil totaled $1.21 billion and $629.9 million respectively. The imports from these five countries accounted for nearly 85% of all gold imports by the US.