U.S Gold Exports Dipped 3.5%

SEATTLE (Scrap Monster): The U.S. exports of gold dropped modestly by almost 3.5% in the opening two months of 2020. The trade data released by the U.S. Census Bureau indicates that the country’s gold exports were valued at $2.81 billion in Jan-Feb ‘20, as compared with $2.91 billion in the corresponding two months of 2019.

The topmost export destination was the U.K. The country received approximately $1.7 billion worth of gold from the U.S., accounting for more than 60% of all U.S. shipments. The second largest destination of gold exports from the U.S. was Switzerland. The exports to that country were valued at $510.01 million. In third place was India with total imports of $197.61 million from the U.S. The other primary export destinations were Canada ($102.58 million) and Italy ($86.57 million).

The U.S. gold imports recorded substantial increase, surging higher by 25.45% year-on-year to total $1.46 billion in the first two months of 2020. This compares with the import of $1.16 billion during Jan-Feb ‘19.

The leading source of imports was Mexico. The country supplied $424.06 million worth of gold, accounting for just over 29% of all imports by the U.S. Meanwhile, the imports from that country were down by almost 7.54%. The second largest gold exporter to the U.S. was Canada. The country’s gold imports from Canada totalled $370.99 million. In third place was Argentina with $116.59 million worth of gold supplies.

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