India’s Gold Imports Down by 55% in H1

gold-smugglingNew Delhi: Gold imports dipped by about 55 per cent to $7.88 billion during the first half of 2016-17, which is expected to keep a lid on the current account deficit, reports The Economic Times.

The sliding prices of the precious metal in global and domestic markets are seen to be at work. Gold imports stood at $17.42 billion in April-September of 2015.

The in-bound shipments contracted for the eighth straight month in September by 10.3 per cent to $1.8 billion, according to commerce ministry data.

The contraction in imports helped narrow trade deficit to $8.33 billion in September this year, as against $10.16 billion in the same month of 2015.

For the full year, CAD stood at $22.1 billion, or 1.1 per cent of GDP, as against $26.8 billion, or 1.3 per cent, in 2014-15.

As per the data, silver imports too went down by 71.29 per cent to $139.16 million in the month under review as against $484.74 million in the same month last year.

In volume terms, the country’s total official gold imports declined to 60 tonnes in April-July of this fiscal, much lower than 250 tonnes in the year-ago period.

India imported 650 tonnes of gold in 2015-16. During September, gems and jewellery exports grew by 22.42 per cent to $4.46 billion.