Gold Imports at Root of Record US Trade Gap Excluded From GDP

An eye-popping imports surge that has driven the US trade deficit to a record and elevated anxiety about the economy largely has its roots in a frantic scramble by international gold traders to rush bullion to New York depositories.

The US imported a record $329.5 billion worth of all types of goods in January, $36 billion more than the prior month, Commerce Department data showed Thursday. Inbound shipments of finished metal shapes, a category that includes bars of precious metals, accounted for nearly 60% of the monthly increase in merchandise imports.