Gold imports fell sharply to 661 tonnes in FY14, says Nirmala Sitharaman

Gold imports stood at 661.71 tonnes during 2013-14 as compared with 1,013.72 tonnes in the previous fiscal, Parliament was informed on Wednesday.

Total gold imports in 2011-12 were 1,078.35 tonnes, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.

She further said that gold jewellery exports increased to Rs 33,349.38 crore (1,20,448 kg) in 2013-14 from Rs 30,840.55 crore (1,08,827 kg) a year ago.

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In 2011-12, the shipments stood at Rs 31,966.97 crore (1,17,694 kg).

An over six-fold jump in gold imports in November has pushed country's trade deficit to one-and-a-half year high of $16.86 billion in the month, causing fresh concerns for economic policy makers.