U.S. Gold Exports Declined 25% Through February
The U.S. exports of gold dropped significantly by nearly 25% through the month of February this year. The trade data released by the U.S. Census Bureau indicates that the country’s gold exports totaled $2.91 billion during Jan-Feb ’19, down 24.54% when matched with the exports of $3.86 billion during the corresponding two-month period in 2018.
The top foreign market for U.S. gold exports was the U.K. The country received approximately $2 billion worth of gold from the U.S., thereby accounting for 68.63% 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 $383.25 million. In third place was India with total imports of gold worth $221.55 million from the U.S. The other largest export destinations were Canada ($124.49 million) and Italy ($38.85 million).
The U.S. gold imports too dropped considerably by nearly 32% to total $1.16 billion through February this year. This compares with the import of $1.7 billion during Jan-Feb ’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 18% to total $458.65 million. The second largest gold exporter to the U.S. was Canada. The country’s gold imports from Canada totaled $333.36 million. The other key sources of import were Colombia ($90.73 million), Peru ($77.33 million) and Nicaragua ($59.08 million).