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India's gold imports jump over two-fold to $38 bn in Apr-Dec 2021

Other News 17 January 2022 07:23
India's gold imports jump over two-fold to $38 bn in Apr-Dec 2021

India's gold imports, which has a bearing on the country's current account deficit (CAD), more than doubled to USD 38 billion during April-December this fiscal on account of higher demand, according to data of the commerce ministry, Trend reports citing Business Standard.

The imports stood at USD 16.78 billion in April-December 2020.

In December 2021, imports of the precious metal rose to USD 4.8 billion from USD 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 USD 142.44 billion against USD 61.38 billion in April-December 2020.

Similarly, silver imports also increased to USD 2 billion during April-December 2021 from USD 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 USD 29 million.

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