India's Bullion Imports Plunge Around 80% Last Month 11-Feb-2014

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India’s Gold and silver imports witnessed a massive drop 77% to $1.72 billion in January as compared to $7.49 billion recorded in the corresponding month of last year, according to media reports. For the first 10 months of the current financial year, imports of gold and silver stood at $29 billion as compared to $46.7 billion recorded in the corresponding period of last fiscal, registering a year-on-year decline of 37%. The country’s trade deficit narrowed in January following the plunge in bullion imports. The trade deficit stood at $9.92 billion last month compared with $10.14 billion in December. India’s exports rose by 3.79% to $26.75 billion in January this year as compared to $25.78 billion recorded in the corresponding month of previous year. Imports slipped by 18.07% to $36.57 billion in January.