US Gold Commodity Trade
USA Bullion Exports up 51.7% as Gold Imports Fall 17.9% in 2007
In 2007, the United States exported US$13.3 billion worth of non-monetary gold to the world. That statistic represents a 51.7% gain from 2006 and a 178.2% increase since 2003.
Non-monetary gold means exports and imports of gold bullion as a commodity. This includes industrial-use gold and bullion held as a store of value, but excludes monetary bullion that governments keep as reserve assets.
Historically, gold tracks the performance of oil prices. In the past, gold prices have risen during periods of high inflation.
Another general maxim is that gold prices strengthen when the US dollar weakens. Provided that the American currency remains low, top gold importing countries like Switzerland and the United Kingdom are positioned to benefit from higher gold prices.
Top Countries Receiving US Gold Exports
In 2007, America shipped US$13.3 billion of gold to the rest of the world, up 51.7% from 2006 and up 178.2% from 2003. Below are the countries that purchased the most non-monetary gold from the US last year.
- Switzerland … US$5.9 billion (44.6% of world total for US gold exports)
- United Kingdom … $4.3 billion (32.4%)
- Canada … $1.5 billion (11.5%)
- United Arab Emirates … $431.5 million (3.2%)
- India … $381.7 million (2.9%)
- Germany … $168.8 million (1.3%)
- Mexico … $168.3 million (1.3%)
- Taiwan … $80.8 million (0.6%)
- Australia … $56.9 million (0.4%)
- Hong Kong … $33.7 million (0.3%).
Increase or Decrease Percentages by Importing Country
The following list ranks the top countries for US gold exports by percentage increase of decrease in 2007 from the prior year.
- India … US Gold Imports Up 5,859.9% from 2006, Up 4,511.2% from 2003
- United Arab Emirates … Up 114.5%, Up 3220.8%
- Switzerland … Up 58.9%, Up 119%
- United Kingdom … Up 47.8%, Up 244%
- Canada … Up 32.7%, Up 486.9%
- Germany … Up 14.3%, Up 22.6%
- Mexico … Up 2.7%, Up 1.3%
- Taiwan … Down 11%, Up 300.6%
- Hong Kong … Down 37.3%, Up 413.2%
- Australia … Down 54.7%, Up 29,401%.
Top Countries Providing US Gold Imports
America imported US$4.6 billion worth of nonmonetary gold from other countries last year. That statistic represents a 17.9% decline from 2006.
- Canada … US$2.1 billion (46.3% of world total for US gold imports)
- Mexico … $733.8 million (15.8%)
- Peru … $388.4 million (8.4%)
- Chile … $337.4 million (7.3%)
- Colombia … $333 million (7.2%)
- Brazil … $50.3 million (1.1%)
- Ecuador … $44.7 million (1%)
- Panama … $30.4 million (0.7%)
- Venezuela … $21.4 million (0.5%)
- Switzerland … $20.6 million (0.4%).
Increase or Decrease Percentages by Importing Country
Among the leading exporters of gold bullion to the U.S., Venezuela and Ecuador led with the highest percentage triple-digit gains last year while Peru and Brazil showed the highest percentage double-digit decreases.
- Venezuela … US Gold Exports Up 317.6% from 2006, Up 35.6% from 2003
- Ecuador … Up 211.6%, Up 2,500.1%
- Canada … Up 14.4%, Up 45.6%
- Colombia … Up 8.6%, Down 30.2%
- Panama … Down 9.1%, Up 192.4%
- Chile … Down 9.5%, Up 357.9%
- Switzerland … Down 23.2%, Down 21.7%
- Mexico … Down 26.1%, Up 411.3%
- Brazil … Down 61.2%, Down 65.9%
- Peru … Down 72.4%, Up 13.7%.
References
This article presents independent calculations and insights based on data drawn from the U.S. Census Bureau – Foreign Trade Statistics and the OECD Glossary of Statistical Terms.
