U.S. Gold Exports Recorded Notable Decline

The U.S. exports of gold dropped significantly by more than 30% through the month of April this year. The trade data released by the U.S. Census Bureau indicates that the country’s gold exports totaled $5.56 billion during Jan-Apr ’19, down by 30.28% when matched with the exports of $7.97 billion during the corresponding four-month period in 2018.

 

The top foreign market for U.S. gold exports was the U.K. The country received approximately $3.68 billion worth of gold from the U.S., thereby accounting for over 66% of all the U.S. shipments. The second largest destination of gold exports from the U.S. was Switzerland. The exports to that country were valued at $734.82 million. In third place was India with total imports of gold worth $600.24 million from the U.S. The other key export destinations were Canada ($170.29 million) and the UAE ($92.63 million).

 

The U.S. gold imports too dropped considerably by nearly 35% to total $2.21 billion through April this year. This compares with the import of $3.39 billion during Jan-Apr ’18.

 

The leading source of gold imports by the U.S. was Mexico. The country accounted for almost 40% of all imports by the U.S. Meanwhile, the imports from Mexico were down significantly by 26.4% to total $872.75 million. The second largest gold exporter to the U.S. was Canada. The country’s gold imports from Canada totaled $569.32 million. The other major sources of import were Colombia ($173.06 million), Peru ($167.74 million) and Nicaragua ($119.66 million).