Imports of these two precious metals gold and silver imports were valued at$ 3,325.62 million in April-December 1999 against $ 3,933.28 million in thesame period of 1998, showing a drop of 15.45 per cent, says a commerceministry commodity-wise analysis of imports.

Following the liberalisation of imports in October 1997, gold and silverimports increased from $ 3.2 billion in 1997-98 to $ 4.9 billion in 1998-99,raising the share of these imports in the DGCI & S (Directorate General ofCommercial Intelligence and Statistics) total imports from 7.6 per cent to11.6 per cent in this period.

The bulk of this increase was accounted for by the shift in these importsfrom the NRI baggage route-the erstwhile preferred route-to the DGCI & Sreporting system. Currently, gold imports are prominantly undertaken underthe new liberalised regime and, as a consequence, imports under NRI baggageroute and special import licence route have been marginal.

The value of these imports in first eight months of 1999-2000 is lower at $2,896 million compared to $ 3,416 million in April-November 1998. Thismarks, in large part, a decline in the world prices of gold earlier in theyear following the announcement of several Central banks that official goldreserves would be sold.

The analysis shows that imports of project goods fell sharply to $ 671.77million from $ 1910.72 million in April-December 1998.

Imports of some of the critical inputs such as non-ferrous metals and ironand steel also declined, the former from $ 468.42 million to $ 412 millionand the latter from $ 796.73 million to $ 747.4 million. Further, imports ofcapital goods dropped, machine tools from $ 270.90 million to $ 189.96million, machinery other than electrical from $ 2241.87 million to $ 2209.93million and electrical machinery from $ 314.70 million to $ 279.77million.

The analysis says that exports of plantations such as tea and coffeedeclined in April-December 1999 compared to April-December 1998, the formerfrom $ 420.32 million to $ 336.20 million and the latter from $ 311.25million to $ 216.97 million.