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Business News/ Market / Stock-market-news/  Gold imports slide 51% to $2.7 billion in April-May
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Gold imports slide 51% to $2.7 billion in April-May

The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge

The in-bound shipments contracted for the fourth consecutive month in May by 39.14% at $1.47 billion, according to commerce ministry data. Photo: Priyanka Parashar/MintPremium
The in-bound shipments contracted for the fourth consecutive month in May by 39.14% at $1.47 billion, according to commerce ministry data. Photo: Priyanka Parashar/Mint

New Delhi: Gold imports fell by about 51% to $2.7 billion in April-May this fiscal, which is expected to keep a lid on the current account deficit.

The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge. Gold imports stood at $5.55 billion in April-May 2015.

The in-bound shipments contracted for the fourth consecutive month in May by 39.14% at $1.47 billion, according to commerce ministry data.

The contraction in the imports helped narrow trade deficit to $6.27 billion last month. The deficit was at $10.4 billion in the year-ago period.

India is the largest importer of gold in the world and the imports mainly take care of demand of the jewellery industry.

India’s CAD narrowed to 1.3% of gross domestic product (GDP) in the third quarter of 2015-16 as against 1.5% in the same period of the previous year, mainly on account of a lower trade deficit.

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Published: 03 Jul 2016, 02:30 PM IST
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