U.S. Gold Exports Valued $11 Billion Till August

These top five export destinations accounted for more than 93% of the total U.S. gold exports during Jan-Aug ‘20.

SEATTLE (Scrap Monster): The U.S. exports of gold increased significantly by 15.67% through August this year to total $12.3 billion. This compares with the exports of $10.64 billion during the corresponding eight-month period last year. The exports totalled $2.76 billion in August 2020.

The top five trade partners were the UK ($6.47 billion), Switzerland ($3.08 billion), Canada ($1.01 billion), India ($493.64 million) and Australia ($392.1 million). These top five export destinations accounted for more than 93% of the total U.S. gold exports during Jan-Aug ‘20. The combined exports to the above countries totalled $11.44 billion.

Meantime, the U.S. imports of gold surged higher significantly by 447% during the opening eight months of the current year. The gold imports during Jan-Aug ‘20 were valued at $28.24 billion, as compared with $5.16 billion during the corresponding period a year before. The monthly imports, by value, totalled $1.63 billion for the month of August ‘20 alone.

The leading source of import by the U.S was Switzerland. The imports from that country totalled $12.90 billion, accounting for nearly 46% of the total U.S. imports. In second place was Singapore ($2.55 billion), followed by Canada ($2.55 billion) in third spot. The other key sources of import were Australia ($2.45 billion) and Mexico ($2.0 billion).

The U.S. imported $22.44 billion worth of gold from the above top five sources, representing nearly 80% of the total imports during the initial eight-month period of 2020.

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