U.S. gold bullion exports to Asia started off with a bang in 2017, as the majority of the total shipped in January went to Hong Kong. Not only did the U.S. export most of its gold bullion to Hong Kong, it was the highest monthly amount in quite some time.

Looking back at the data for the past two years, Hong Kong’s highest monthly amount of gold bullion imported from the United States was less than half of what was shipped in January. According to the USGS, the U.S. exported 31.6 metric tons (mt) of gold bullion to Hong Kong, 82% of the total 38.1 mt shipped in January:

The four other countries that received the remaining lion’s share was, China (2 mt), India (1.6 mt), Singapore (1 mt) and Switzerland (1 mt). If we assume that most of the gold bullion exported to Hong Kong made its way into China, then if we add the other 2 mt that China received, the total gold bullion shipped to China was more like 33.6 mt.

Either way, the overwhelming majority of U.S. gold bullion exports in January went to Asian countries and India (35.2 mt). Switzerland only received 1 mt of gold bullion from the United States. However, Switzerland also received 14.3 mt of gold dore bars and precipitates from the U.S. The majority of this amount likely came from domestic U.S. gold producers.

Regardless, to see Hong Kong receive 82% of the United States finished gold bullion bars in January, is quite impressive to say the least. If we convert that from metric tons, it comes out to be a little more than a million oz. This is a great deal of gold because the United States domestic gold miners only produced 18.7 mt of gold (601,000 oz).

Furthermore, the U.S. total gold imports in January (bullion, dore bar & precipitates) were 18.9 mt. Thus, total domestic mine supply plus imports equaled 37.6 mt. The U.S exported 84% of their total gold mine and import supply to Hong Kong. If we include the total amount of gold that the U.S. exported in January of 55.4 mt (bullion, dore bars & precipitates), the U.S. exported nearly 18 mt more gold than they produced and imported.