Gold imports doubled to $38 billion in April-December 2021


Gold imports increased during April-December 2021 period

New Delhi:

India’s gold imports doubled to $38 billion during the April-December period of the current fiscal, said data released by the commerce ministry, due to higher demand and the process of widening trade deficit.

Imports during the same period last year stood at $16.78 billion.

In December 2021, imports of the precious metal rose slightly to $4.8 billion from $4.5 billion in the year-ago period.

The increase in gold imports during the nine months contributed to widening the trade deficit to $142.44 billion as against $61.38 billion in April-December 2020.

Similarly, silver imports also increased to $2 billion during April-December 2021 from $762 million in the same period last fiscal.

India is the second largest consumer of gold in the world after China. Imports mainly meet the demand of the jewelery industry.

Gems and jewelery exports grew by 71 per cent to nearly $29 million during the nine months of the current fiscal.

According to the Reserve Bank of India (RBI), India’s current account slipped into a deficit of $9.6 billion, or 1.3 per cent of GDP, in the September quarter.

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