U.S. Gold Exports Through February Dropped 3%

SEATTLE (Scrap Monster): The US gold exports reported marginal decline during the initial two-month period of the current year. The exports during Jan-Feb ’18 dropped slightly by nearly 3% when compared with the corresponding period the previous year. Meantime, the recent trade data released by the US Census Bureau indicated that the country’s gold imports too recorded 5% decline through February in 2018. The U.S. gold exports had recorded 12% in 2017.

The exports of gold by the US totaled $3.86 billion during the first two months of 2018. This is almost down by 3% when compared with the shipments during the corresponding two-month period in 2017. The US gold exports had totaled $3.96 billion during the first two months in 2017.  The full year exports are likely to cross $23 billion in 2018. It must be noted that the US had exported $19.82 billion worth of gold during the entire year 2017.

The top destination of gold exports from the U.S. was Switzerland. The imports of US gold by Switzerland totaled $1.08 billion, accounting for nearly 28% of all US exports. The imports of US gold by Switzerland have increased marginally by 2% over the previous year. The UK was the next largest importer of US gold. The shipments to that country skyrocketed by almost 362% over the year to total $1.03 billion. In third place was Hong Kong with imports of gold worth $977.96 million from the US. The other major importing counties were Canada ($262.66 million) and India ($250.64 million).

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On the other hand, the US imports of gold declined even sharply by 5% during the opening two months of 2018. The country’s imports have declined from $1.8 billion to $1.7 billion over the previous year.

Almost one-third of the gold imported by the US came from Mexico. The imports from Mexico totaled $556.54 million. In second place was Canada with $407 million, followed by Peru ($319.05 million) in third place. The imports from Colombia and Chile totaled $89.51 million and $67.3 million respectively. More than 84% of the total gold supply to the US came from these five countries.