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India’s gold imports fall to $12.64 billion

New Delhi: India’s gold imports declined by 4.23% to $12.64 billion during April-July 2024-25. The imports stood at $13.2 billion in April-July 2023. In July alone, the imports declined by 10.65% to $3.13 billion as against $3.5 billion in the same month last year.

The inbound shipments were also in negative during June (-38.66%) and May (-9.76%). In April, the imports jumped to $ 3.11 billion from 1 billion in April 2023.

The government has slashed the customs duty on gold and silver to 6% from 15%. Gold prices rose Rs 300 to Rs 73,150 per 10 grams in the national capital on August 14. In 2023-24, India’s gold imports surged by 30% to USD 45.54 billion. The precious metal accounts for over 5% of the country’s total imports.

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Switzerland is the largest source of gold imports, with about 40% share, followed by the UAE (over 16%) and South Africa (about 10%). Despite the dip in gold imports, the country’s trade deficit (difference between imports and exports) widened to $23.5 billion in July and $85.58 billion during the first four months of this fiscal.

India is the world’s second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry. The gems and jewellery exports during April-July this fiscal contracted by 7.45% to $9.1 billion.

India recorded a current account surplus of $5.7 billion or 0.6% of GDP in the March quarter. For FY24, the current account deficit narrowed to $23.2 billion or 0.7% of GDP against $67 billion or 2% of GDP in FY23.

As per the government data, silver imports jumped to $ 648.44 million during April-July 2024 as against $214.92 million in the year-ago period.

 

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