Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,882.7535.2
Stock Analysis, IPO, Mutual Funds, Bonds & More

Gold imports rise 54 per cent to $3.97 billion in April

Imports of the precious metal stood at $2.58 billion in April 2018, according to data from the commerce ministry.

PTI|
May 20, 2019, 03.22 PM IST
0Comments
BCCL
gold3_bccl
Increase in gold imports pushed the country's trade deficit to a five-month high of $15.33 billion in April.
NEW DELHI: Gold imports increased 54 per cent to $3.97 billion in April, widening the country's trade deficit and fuelling worries about the current account deficit (CAD).

Imports of the precious metal stood at $2.58 billion in April 2018, according to data from the commerce ministry.

Increase in gold imports pushed the country's trade deficit to a five-month high of $15.33 billion in April.

The country's current account deficit (CAD) widened to 2.5 per cent of GDP in the third quarter of the last financial year from 2.1 per cent a year ago, primarily on account of a higher trade deficit, though the foreign exchange reserves continued to soar.

CAD is the difference between outflow and inflow of foreign exchange.

After recording a negative growth in imports in February, gold imports started registering double-digit growth. In March, it grew 31 per cent to $3.27 billion.

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.

The imports dipped about 3 per cent in value terms to $32.8 billion during 2018-19.
0Comments

Also Read

May gold imports jump 49% on festive demand: Source

India's gold imports likely jumped ahead of Akshaya Tritiya

Net gold imports jump 27% in Jan-Mar quarter

Budget 2019: Gems & jewellery sector seeks cut in gold import duty to 4%

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for Live Elections News & Results, Latest News in Business, Share Market & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service