Surging Gold Imports Take India’s Trade Deficit To $14 Billion In March: ICICI Securities
A stack of one kilogram gold bullion bars sit inside a vault in Germany. (Photographer: Michaela Handrek-Rehle/Bloomberg)

Surging Gold Imports Take India’s Trade Deficit To $14 Billion In March: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

India’s imports and exports increased sharply during March 2021: imports surged 54% YoY to $48.4 billion while exports rose 60% YoY to $34.4 billion respectively.

As a result, trade deficit widened to $13.9 billion from $12.6 billion in February and $9.98 billion in March 2020.

While prima facie, the increase in imports and exports looks sharp, it is a combination of two factors.

Firstly, March 2021 numbers are on a low base- imports and exports contracted 28% and 34% respectively in March 2020.

Secondly, while almost all items recorded positive growth, majority of the growth in imports and exports was driven by abnormal growth in a handful of items.

Click on the attachment to read the full report:

ICICI Securities Trade Monitor.pdf


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