Gold imports plunge 60.5% to $6.08 bn in Apr-Aug as prices slide

New Delhi: Gold imports more than halved to $6.08 billion in the first five months of 2016-17, which is expected to keep a lid on the current account deficit.

The sliding prices of the precious metal in global and domestic markets are seen to be at work. Gold imports stood at $15.42 billion in April-August of 2015.

Reuters

Reuters

The in-bound shipments contracted for the seventh straight month in August by 77.45 percent to $1.11 billion, according to commerce ministry data.

The contraction in imports helped narrow trade deficit to $7.67 billion in August 2016, the lowest in three months, as against $12.34 billion in August 2015.

India is one of the largest gold importers in the world and the imports mainly take care of demand of the jewellery industry.

For the full year, CAD stood at $22.1 billion, 1.1 percent of GDP, as against $26.8 billion, 1.3 percent, in 2014-15.

As per the data, silver imports too went down to $130.32 million in the month under review as against $363.41 million in the same month last year.

In volume terms, the country's total official gold imports declined to 60 tonnes in April-July of this fiscal, much lower than 250 tonnes in the year-ago period.

India, the world's second-biggest gold consumer after China, imported 650 tonnes in 2015-16.

During August, gems and jewellery exports grew by 7.58 percent to $3.6 billion.


Updated Date: Sep 20, 2016 17:36 PM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See