Exports of Precious Metal Scrap Rose, Says Census Bureau

The latest U.S. Census Bureau data suggests 58.71% surge in the country’s exports of precious metal scrap during the initial seven months of the current year. The exports rose from $2.65 billion in Jan-Jul ‘19 to $4.21 billion during the corresponding seven-month period this year.

Canada emerged as the top trade partner through July this year, receiving $1.21 billion of precious metal scrap exported by the U.S. This accounted for approximately 29% of the total U.S. exports during this period. The Canadian imports from the U.S. surged higher by nearly 40% over the previous year. The other leading export destinations were the U.K. ($1.05 billion), Germany ($779.84 million), Italy ($487.92 million) and Japan ($392.32 million).

The U.S. shipments to the above top five foreign markets totalled $3.91 billion, accounting for nearly 93% of the total exports.

Meantime, the U.S. imports of precious metal scrap too witnessed a surge of 40.03% over the previous year from $1.28 billion to $1.79 billion.

The primary source of import was Germany. The U.S. imports from that country totalled $480.75 million, higher by 50% from the previous year. Germany accounted for almost 27% of all U.S. imports. The other key suppliers were the U.K. ($368.97 million), Canada ($246.30 million), Mexico ($144.83 million) and Japan ($96.44 million).

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