Gold Imports Dip 40% In April-November To $12.3 Billion

Gold imports, which have a bearing on the current account deficit, fell April-November due to fall in demand in the wake of the Covid-19 pandemic.

Inbound shipments of the precious metal fell 40% to $12.3 billion during April-November, according to data from the commerce ministry. The imports, however, recorded a year-on-year growth of 2.65% in November to $3 billion.

Silver imports in April-November also dipped 65.7% to about $752 million.

The decline in gold and silver imports has helped in narrowing the country's trade deficit, difference between imports and exports, to $42 billion during April-November 2020-21 as against $113.42 billion in the year-ago period.

India is one of the largest importer of gold, which mainly caters to demand of jewellery industry. By volume, the country imports 800-900 tonne of gold annually.

Gems and jewellery exports declined by 44% to $14.30 billion during the first eight months of the current fiscal.