Gold imports increase to $45 billion in April-February of this fiscal year

The surge in gold imports over the 11-month period helped widen the trade deficit to $176 billion from $89 billion in April-February 2021.

India’s gold imports, which have an impact on the country’s current account deficit (CAD), rose about 73 percent to $45.1 billion in April-February this fiscal year on higher demand, according to official data. Imports were $26.11 billion in April-February 2021.

However, in February 2022, imports of the precious metal fell 11.45 percent to $4.7 billion, according to data from the Department of Commerce. The surge in gold imports over the 11-month period helped widen the trade deficit to $176 billion from $89 billion in April-February 2021.

India is the second largest gold consumer in the world after China. The imports mainly cover the demand of the jewelry industry. Gem and jewelry exports rose 57.5 percent to $35.25 billion in the first nine months of the current fiscal year.

India’s current account slipped into a $9.6 billion deficit, or 1.3 percent of GDP, in the September quarter, according to the Reserve Bank. The current account, which captures the value of exports and imports of goods and services along with international capital transfers, showed a surplus both in the quarter and a year earlier.

Commenting on the rising gold imports, Colin Shah, chairman of the Gem and Jewelery Export Promotion Council (GJEPC), said monthly average gold imports for April-February 2022 are still 76.57 tonnes, relatively below usual levels.

Quantitative gold imports were 842.28 tons in April-February 2022, which is below usual imports over the same period and range from 690 to 890 tons, he said

https://www.financialexpress.com/economy/gold-imports-surge-to-usd-45-bn-in-april-feb-this-fiscal/2459413/ Gold imports increase to $45 billion in April-February of this fiscal year

Chris Barrese

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