Gold Imports Surge Two-Folds To $38 Billion In April-December 2021

Gold imports surged during April-December period of 2021

New Delhi:

India’s gold imports doubled to $38 billion during April-December period of the current fiscal owing to higher demand and in the process widening the trade deficit, data released by Commerce ministry said.

The imports had stood at $16.78 billion during the corresponding period of last year. 

In December 2021, imports of precious metal rose slightly to $4.8 billion from $4.5 billion in the year-ago period.

The surge in gold imports during the nine months contributed to the widening of the trade deficit to $142.44 billion against $61.38 billion in April-December 2020.

Similarly, silver imports also increased to $2 billion during April-December 2021 from $762 million in the same period of the previous fiscal.

India is the world’s second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry.

The gems and jewellery exports during the nine-month of the current fiscal grew by 71 per cent to about $29 million.

India’s current account slipped into a deficit of $9.6 billion or 1.3 per cent of GDP in the September quarter, according to the Reserve Bank of India (RBI).



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