India’s Gold Imports Dip 47% To $9.28 Billion In April-October 2020
A gold ingot in Russia. (Photographer: Andrey Rudakov/Bloomberg)

India’s Gold Imports Dip 47% To $9.28 Billion In April-October 2020

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India’s gold imports declined 47.42% from the year ago to $9.28 billion during April-October 2020 due to lack of demand during the Covid-19 pandemic. Silver imports dipped as well, by 64.65% to $742 million.

But just for the month of October, India’s gold imports rose 36% over the year ago.

The decline in gold and silver imports has narrowed the country’s trade deficit—the difference between total exports and imports—to $32.16 billion during April-October 2020-21, as against $100.67 billion in the year-ago period. Gems and jewellery exports declined by about 49.5% to $11.61 billion in April-October 2020.

India is the largest importer of gold, which mainly caters to demand of the domestic jewellery industry. The country imports 800-900 tonnes of gold annually.

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