India's Gold Bar Imports Surged 143% in November

NEW DELHI (Scrap Monster):  The gold bar imports by India have registered sharp jump during the month of November this year. This is in accordance with the latest trade statistics published by the country’s Gems and Jewellery Export Promotion Council (GJEPC). Also, cumulative gold bar imports during the initial eight-month period of the year registered marginal increase. Meantime, silver bar imports too reported significant increase during the month.

Gold Bar Imports

According to GJEPC data, the gold bar imports by the country surged higher by nearly 143% in November this year. The monthly import statistics indicate that the total gold bar imports by the country during November ‘17 amounted to Rs 3,439.79 crores (USD 530.34 Million). In rupee terms, the gold bar imports have recorded sharp growth of 143.05% over the year. The increase in dollar terms stood at 153.44%. It must be noted that the country’s gold bar imports during November 2016 were valued at Rs 1,415.25 crores (USD 209.26 Million).

Meantime, the Nov ’17 gold bar imports reported marginal decline when compared with the imports during the month before that. The country’s gold bar imports had totaled Rs 3,570.27 crores (USD 548.60 Million) in October 2017.

The cumulative gold bar imports by the country during the initial eight months (Apr ’17 to Nov ’17) of the current fiscal year increased marginally over the previous year. The imports were up by 1.18% year-on-year from Rs 20,681.38 crores (USD 3,089.45 Million) to Rs 20,925.94 crores (USD 3,241.43 Million) during the first eight months of this fiscal.

Silver Bar Imports

The GJEPC figures indicate modest jump in Silver bar imports by the country during the month of November this year. The country’s Silver bar imports reported almost 13% jump during the month when matched with the imports during the same month a year before. The imports totaled INR 21.93 crores (USD 3.38 Million). In rupee terms, the Silver bar imports were up by 12.63% when matched with the previous year. The year-on-year jump in dollar terms stood at 17.4%. It must be noted that the country’s Silver bar imports had totaled INR 19.47 crores (USD 2.88 Million) in November 2016.

Also, GJEPC data indicates that silver bar imports by the country in November declined significantly when compared with the previous month. The imports were down sharply by nearly 35% when compared with October this year. The country’s Silver bar imports had totaled INR 29.91 crores (USD 4.60 Million) during October 2017.

The silver bar imports during the first eight months of the current fiscal year totaled INR 248.80 crores (USD 38.60 Million). The imports during this period were up slightly when compared with the imports of INR 247.26 crores (36.93 Million) during Apr-Nov ’16.