U.S. Precious Metal Scrap Exports Surged 22%

The latest U.S. Census Bureau data points to nearly 22% surge in the country’s exports of precious metal scrap during the previous year. The exports were up by 21.87% from $4.3 billion in 2018 to $5.24 billion in 2019.

Canada continued to remain as the top trade partner, receiving $1.61 billion worth of precious metal scrap exported by the U.S. This accounted for approximately 31% of the total U.S. exports during the year. Also, Canada ’s imports from the U.S. surged higher by over 48% from the prior year. The other leading export destinations were the U.K. ($1.1 billion), Italy ($764 million), Germany ($745.9 million) and Japan ($513.05 million).

The U.S. shipments to the above top five foreign markets totalled $4.73 billion, accounting for more than 90% of the total exports.

Meantime, the U.S. imports of precious metal scrap too witnessed notable surge by almost 35% over the previous year from $1.89 billion to $2.54 billion.

The leading source of import was Germany. The U.S. imports from that country totalled $721.9 million, higher by over 59% from the previous year. Germany accounted for more than 28% of all U.S. imports. The other key suppliers were Canada ($396.32 million), the U.K. ($337.82 million), Mexico ($177.75 million) and Japan ($136.42 million).

The exports and imports in December 2019 stood at $397.71 million and $354.01 million respectively said U.S. Census Bureau data.

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