A look at Miami’s trade in the most precious commodity, gold
By Yousra Benkirane
The Miami Customs District has a long history of being a key hub for the import and export of gold. The city’s strategic location on the southeastern coast of the U.S. makes
it an ideal gateway to both Latin America and Europe, two regions that have historically been major players in the global gold market.
In the past, Miami was primarily an exporter of gold, as it played a role in shipping the precious metal abroad during the booming gold rush of the late 19th and early 20th centuries. South Florida was also a popular destination for gold prospectors who wanted to trade their finds for cash or other goods, and the go-to place for traders who wanted to avoid stricter regulations in other parts of the country (Key West was practically a pirate’s port of call at the time).
In more recent years, as the global economy grew and international trade became more complex, Miami began importing gold from other parts of the world to satisfy the growing demand for the precious metal. Today, Miami is a key player in the global gold market, importing nearly two-thirds of all the gold which enters the United States. According to the U.S. Census Bureau, in 2022 the Miami Customs District imported gold valued at $2.95B, some 57 percent of all such imports in the U.S. The top five import origins were Colombia ($1.24B), Nicaragua ($729M), Argentina ($349M), Ecuador ($254M), and Switzerland ($105M).
Miami International Airport (MIA) handles most of the gold shipments in the district, since shipping the precious metal via air is much less risky than doing so through seaports. In total, MIA imported over $2.95B worth of gold in 2022 while the Fort Lauderdale-Hollywood International Airport (FLL), the only other port in the district to handle the importation of gold, imported just $1.5M worth.
Miami is also a major player in the export of gold. In 2022, gold exports were valued at $614M, an increase of 57.7 percent compared to the previous year, a sign of global mistrust in national currencies. The Miami customs district exports gold to countries all over the world; its
top export destinations in 2022 included Italy ($212M), the United Arab Emirates ($184M), Switzerland ($104M), the Cayman Islands ($49.8M), and India ($37.4M). According to experts, much of the gold ex- ported from Miami is in the form of refined gold bars and coins, which are highly sought after by investors around the globe; alternately, much of the gold imported arrives in the form of gold ore, especially from mines in Latin America.
In 2022, Miami’s airport handled the bulk of the district’s gold exports with just under $614M worth. On the seaport side, both PortMiami and Port Everglades did handle some gold exports, but in tiny amounts, with PortMiami exporting $4,519 worth and Port Everglades exporting $15,495 worth in 2022. Virtually no imports were recorded.
There are several major gold dealers and refineries located in Miami, such as the Elemetal Refining Facility and Asahi, which further reinforce the city and the district’s position as a key hub in the industry. With its strategic location and well-established infrastructure, Miami is likely to remain a player in the global gold market for years to come.
Sources: The Observatory of Economic Complexity, United States Census Bureau USA Trade® Online, PortMiami, Miami International Airport, Port Everglades.
