U.S. Gold Exports Recorded Notable Surge in H1 2020

SEATTLE (Scrap Monster): The U.S. exports of gold increased modestly by over 8% in the initial six-month period of the current year. The trade data released by the U.S. Census Bureau indicates that the country’s gold exports were valued at $8.52 billion, as compared with $7.87 billion in the corresponding six-month period last year.

The top destination market was the U.K. The country received approximately $5.02 billion worth of gold from the U.S., accounting for nearly 59% 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 $1.76 billion. In third place was Canada with total imports of $692.26 million from the U.S. The other primary export destinations were Hong Kong ($228.12 million) and India ($221.99 million).

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The U.S. gold imports have increased substantially by approximately 598% year-on-year to total $22.87 billion in Jan-June ‘20. This compares with the import of $3.28 billion during the same period last year.

The leading source of imports was Switzerland. The country supplied $10.82 billion worth of gold, accounting for over 47% of all imports by the U.S. Meanwhile, the imports from that country skyrocketed by 12,737% year-on-year. The second largest gold exporter to the U.S. was Singapore. The country’s gold imports from Singapore totalled $2.19 billion. In third place was Australia with $2.18 billion worth of gold supplies.