Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  India’s gold imports in Apr-Jun dip 25% to $8.43 billion
BackBack

India’s gold imports in Apr-Jun dip 25% to $8.43 billion

A contraction in gold imports helps contain India's current account deficit (CAD), which is expected to grow in April-June 2018-19 due to higher crude oil prices

India is the world’s largest importer of gold, which mainly caters to the demand of the jewellery industry. Photo: MintPremium
India is the world’s largest importer of gold, which mainly caters to the demand of the jewellery industry. Photo: Mint

New Delhi: India’s gold imports fell by 25% to $8.43 billion in April-June 2018-19 period due to sliding bullion rates in both global and domestic markets. According to the commerce ministry data, gold imports had amounted to $11.26 billion in April-June 2017-18. The imports of the metal have been declining since January this year. Silver imports grew by 104.5% to $364.24 million in June.

A contraction in gold imports helps contain India’s current account deficit (CAD).

India’s CAD, defined as the difference between the inflow and outflow of foreign exchange, jumped to $48.7 billion, or 1.9% of gross domestic product, in 2017-18. This was higher than $14.4 billion, or 0.6% of GDP, in 2016-17.

With rising oil prices, depreciating rupee and outflow of foreign portfolio investments, there are concerns that India’s current account deficit will rise in 2017-18.

Rise in crude oil prices and imports too have impacted the trade deficit, which widened to $44.94 billion during April-June this fiscal as against $40 billion in the same period of 2017-18.

India is the world’s largest importer of gold, which mainly caters to the demand of the jewellery industry. Gems and jewellery exports in June grew by about 3% to $3.5 billion. The country imports 700-800 tonnes of gold annually.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 15 Jul 2018, 04:11 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App