Gold imports slip 3.3% to $26.11 billion in Apr-Feb: Govt data

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

How much gold does India import?
  • Imports of the yellow metal stood at $27 billion in April-February 2019-20.

Gold imports slip 3.3% to $26.11 billion in Apr-Feb: Govt data

The decline in gold import has helped in narrowing the country’s trade deficit to $84.62 billion during the 11-month 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 jewelry 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%. However, it also attracts agriculture infrastructure and development cess at the rate of 2.5%.

Gems and jewellery exports declined 33.86% 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% to $780.75 million.

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