Gold imports fell 6.77% to $23 billion in Apr-Dec quarter: Commerce Ministry

Mumbai-India (Jan 26)  Gold imports, which have a bearing on the current account deficit (CAD), fell 6.77 per cent to USD 23 billion during the April-December period of the current financial year, according data from the commerce ministry. Imports of the yellow metal stood at USD 24.73 billion in the corresponding period of 2018-19.

The decline in gold imports has helped in narrowing the country's trade deficit to USD 118 billion during the period, against USD 148.23 billion a year ago.

Gold imports had been recording a negative growth since July last year. However, it recorded positive growth in October and November last year, only to contract by about 4 per cent in December last year.

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 tonne of gold annually.

BUSINESSTODAY