When Precious Metals Move: Tracking U.S. Imports from Taiwan
This is a living report. The analysis will be updated as new information and insights emerge.
Trade is usually discussed in big, abstract terms: tariffs, supply chains, deficits. But the real story is in the details—those cryptic Harmonized Tariff Schedule (HTS) codes that record every good crossing U.S. borders. While asking myself what “tariffs” actually mean for ordinary Americans, I started digging into the data. Which imports rise, which fall? Which countries fade while others surge?
Somewhere in this excavation, a curious outlier appeared: HTS 7115, “articles of precious metals.”
By 2024, it ranked as the 22nd-largest import category at $22.2 billion, then rocketed to 4th place in 2025—$74.4 billion in imports during the first seven months alone. Switzerland dominated as the top supplier. Earlier swings weren’t just price noise: quantity sometimes led value—e.g., in 2015 quantity rose 320% while value rose 32%—and 2020 remains an outlier (value +1,532% vs quantity +453%). In 2025 both measures climbed sharply again, with imports reaching 5,451 MT by July.
Percent changes are year-on-year. Absolute quantities (e.g., 1,737 MT in 2020 and 5,451 MT in 2025) are shown where scale adds context.
When I looked specifically at Taiwan, the story sharpened. Instead of falling under pressure, HTS 7115 imports from Taiwan surged—mirroring the broader boom in 2025. This could reflect growth in a specific industry or broader shifts in trade patterns during uncertain times.
InsightThis is just the opening chapter of the story—more insights will emerge as the analysis continues.