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Friday, April 16, 2021

Gold imports slip 3.3% in April-February

India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.

By: ENS Economic Bureau | Ahmedabad/gandhinagar/new Delhi, New Delhi |
Updated: March 22, 2021 4:14:24 am
Imports of the yellow metal stood at $27 billion in April-February 2019-20.

Gold imports, which have a bearing on the country’s current account deficit (CAD), fell 3.3 per cent to $26.11 billion during April-February 2020-21, according to the Commerce Ministry data.

Imports of the yellow metal stood at $27 billion in April-February 2019-20.

The decline in gold imports has helped in narrowing the country’s trade deficit to $84.62 billion during the 11 months of the current fiscal, as against $151.37 billion a year ago.

India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.

In volume terms, the country imports 800-900 tonnes of gold annually.

To promote the export sector, the government has reduced the import duty in this Budget on the metal to 7.5 per cent. However, it also attracts agriculture infrastructure and development cess at the rate of 2.5 per cent.

Gems and jewellery exports declined 33.86 per cent to $22.40 billion in April-February 2020-21.

The imports of gold jumped to $5.3 billion in February as compared to $2.36 billion in the same month last year, the data showed.

Silver imports during the 11 months have dipped by 70.3 per cent to $780.75 million.

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