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U.S. Precious Metal Scrap Exports Witnessed Notable Surge

2020-08-17 By Suny Group

The U.S. exports of scrap of precious metals totalled $3.65 billion through June this year. This is significantly higher by 63.93% when compared with the exports of $2.22 billion during the corresponding half-yearly period in 2019, said the latest statistics published by the U.S. Census Bureau.

The top trade partner during the year was Canada. The exports to the country totalled $965.94 million, accounting for nearly 27% of all U.S. shipments. The shipments to Canada increased significantly by 36%, upon comparison with the year before that. The second top export destination was the UK, which received $949.26 million of scrap of precious metals from the U.S. In third place was Germany, which accounted for almost 19% of the total U.S. exports. The exports to that country totalled $689.38 million. The other key importers during Jan-June ‘20 were Italy ($431.48 million) and Japan ($347.84 million).

The above top five export destinations accounted for nearly 93% of the total U.S. shipments of precious metals scrap.

Also, the imports of precious metals scrap have increased by 54.40% during the initial six months of 2020 to $1.61 billion from $1.04 billion from January to June last year. The leading sources of import were Germany ($436.65 million), the UK ($326.82 million), Canada ($220.63 million), Mexico ($125.51 million) and Japan ($81.32 million).

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