Gold imports dip 47% in April-October to $9.28 billion
The decline in gold and silver imports has helped in narrowing the country's trade deficit to $ 32.16 billion during April-October 2020-21 as against $ 100.67 billion in the year-ago period
- Nov 15, 2020,
- Updated Nov 15, 2020 11:17 AM IST
Gold imports, which have a bearing on the current account deficit, declined 47.42 percent to $ 9.28 billion during April-October due to fall in demand in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry.
Imports of the yellow metal stood at $ 17.64 billion in the corresponding period of 2019-20.
The imports, however, recorded a growth of about 36 percent in October.
Silver imports during the period too dipped 64.65 percent to $ 742 million.
The decline in gold and silver imports has helped in narrowing the country's trade deficit, difference between imports and exports, to $ 32.16 billion during April-October 2020-21 as against $ 100.67 billion in the year-ago period.
India is the largest importer of gold, which mainly caters to demand of jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually.
Gems and jewellery exports declined by about 49.5 percent to $ 11.61 billion in April-October 2020.
Also read: '90-95% effective': Top US health expert vouches for Pfizer coronavirus vaccine's efficacy
Gold imports, which have a bearing on the current account deficit, declined 47.42 percent to $ 9.28 billion during April-October due to fall in demand in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry.
Imports of the yellow metal stood at $ 17.64 billion in the corresponding period of 2019-20.
The imports, however, recorded a growth of about 36 percent in October.
Silver imports during the period too dipped 64.65 percent to $ 742 million.
The decline in gold and silver imports has helped in narrowing the country's trade deficit, difference between imports and exports, to $ 32.16 billion during April-October 2020-21 as against $ 100.67 billion in the year-ago period.
India is the largest importer of gold, which mainly caters to demand of jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually.
Gems and jewellery exports declined by about 49.5 percent to $ 11.61 billion in April-October 2020.
Also read: '90-95% effective': Top US health expert vouches for Pfizer coronavirus vaccine's efficacy