U.S Gold Exports Recorded Modest Decline

SEATTLE (Scrap Monster): The U.S. exports of gold dropped modestly by almost 1.57% through the initial three-month period of 2020. The trade data released by the U.S. Census Bureau indicates that the country’s gold exports were valued at $4.06 billion in the first quarter of 2020, as compared with the exports of $4.13 billion in the corresponding three-month period last a year before.

The topmost export destination was the U.K. The country received approximately $2.54 billion worth of gold from the U.S., accounting for almost 63% 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 $785.92 million. In third place was India with total imports of $200.80 million from the U.S. The other primary export destinations were Canada ($144.80 million) and Italy ($114.54 million).

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The U.S. gold imports recorded substantial increase, surging higher by 168% year-on-year to total $4.53 billion in the first three months of 2020. This compares with the import of $1.69 billion during Jan-Mar ‘19.

The leading source of imports was Switzerland. The country supplied $1.91 billion worth of gold, accounting for just over 42% of all imports by the U.S. The second largest gold exporter to the U.S. was Mexico. The country’s gold imports from Mexico totalled $728.41 million. In third place was Canada with $658.91 million worth of gold supplies.