Gold imports dip 40 pc in Apr-Nov to USD 12.3 bn

By: |
December 20, 2020 1:49 PM

Imports of the yellow metal stood at USD 20.6 billion in the corresponding period of 2019-20.

gold price, gold imposts, silver imports, demand for gold and silver during pandemic, export of gems and jewelleryThe CFTC data showed that money managers increased net long positions to seven week high by 1091 lots in the last week.

Gold imports, which have a bearing on the current account deficit, fell 40 per cent to USD 12.3 billion during April-November due to fall in demand in the wake of the COVID-19 pandemic, according to data from the commerce ministry. Imports of the yellow metal stood at USD 20.6 billion in the corresponding period of 2019-20.

The imports, however, recorded a year-on-year growth of 2.65 per cent in November to USD 3 billion. Silver imports during April-November 2020 too dipped 65.7 per cent to about USD 752 million. The decline in gold and silver imports has helped in narrowing the country’s trade deficit, difference between imports and exports, to USD 42 billion during April-November 2020-21 as against USD 113.42 billion in the year-ago period.

India is the largest importer of gold, which mainly caters to demand of jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually. Gems and jewellery exports declined by 44 per cent to USD 14.30 billion during the first eight months of the current fiscal

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Gold Price Today, 22 June 2021: Gold up for 2nd day after falling 4% last week; may hit Rs 48,000 next week
2Petrol and diesel price today 22 June 2021: fuel rates hiked again; check prices in Delhi, Mumbai, Pune, here
3Online milk deliveries pick up steam