U.S. Gold Imports Skyrocketed Until July

SEATTLE (Scrap Monster): The U.S. exports of gold increased marginally by 5.06% through July this year to total $9.54 billion. This compares with the exports of $9.09 billion during the corresponding seven-month period last year. The exports totalled $1.03 billion for the month of May this year.

The top five trade partners were the UK ($5.54 billion), Switzerland ($1.87 billion), Canada ($716.76 million), Australia ($364.96 million) and India ($297.74 million). These top five export destinations accounted for more than 92% of the total U.S. gold exports during Jan-July ‘20. The combined exports to the above countries totalled $8.79 billion.

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Meantime, the U.S. imports of gold skyrocketed by 560% during the opening seven months of the current year. The gold imports during Jan-July ‘20 were valued at $26.61 billion, as compared with $4.03 billion during the corresponding period a year before. The monthly imports, by value, totalled $3.74 billion for the month of July ‘20 alone.

The leading source of import by the U.S was Switzerland. The imports from that country totalled $12.62 billion, accounting for over 47% of the total U.S. imports. In second place was Singapore ($2.55 billion), followed by Australia ($2.31 billion) in third spot. The other key sources of import were Canada ($2.25 billion) and Mexico ($1.68 billion).

The U.S. imported $21.42 billion worth of gold from the above top five sources, representing over 80% of the total imports during the initial seven-month period of 2020.