India Gold Imports Dipped by 47%: Commerce Ministry

SEATTLE (Scrap Monster): The most recent trade data published by the Indian Commerce Ministry indicates substantial decline in gold imports by the country during the initial seven-month period of the year. The imports during this period were down by 47.42% over the previous year to total $9.28 billion. The corresponding period last year had recorded gold imports worth $17.64 billion.

The dip in imports of gold as well as silver helped the country to narrow its trade deficit until October this fiscal to $32.16 billion. The deficit was $100.67 billion during the similar period in 2019. The gold imports in the month of October alone posted a growth of around 36%, said Commerce Ministry data. Meantime, the gems and jewellery exports have declined by about 49.5% to $11.61 billion in April-October ’20.

The trade sales data from the country suggests pick up in gold sales during Dhanteras- the first day that marks the festival of Diwali in the country. Leading jewellery trade body India Bullion & Jewellers Association (IBJA) foresees 35% surge in gold sales volumes over the previous year. The pickup in sales is mainly on account of the recent dip in gold prices from its peak.

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