Gold Import Surge: Even though there has been a decline in exports from India due to American tariffs, there is no laxity in imports. According to data released by the Commerce Ministry on Monday, imports increased by 16.63 percent to reach $76.06 billion in October. The contribution of gold and silver in this cannot be underestimated.
Demand increased in festive season
Due to strong demand during the festive season and wedding season, India’s gold import in October increased almost three times to a record $14.72 billion, whereas gold worth $4.92 billion was imported in October last year. During this period, silver worth $2.71 billion was imported from other countries, which is 528.71 percent more than a year ago.
Overall, gold worth $41.23 billion was imported between April-October, which is 21.44 percent more than last year’s $34 billion. This surge also took India’s trade deficit to an all-time high level of $41.68 billion in October.
From which countries does India buy gold?
Commerce Secretary Rajesh Aggarwal said that due to strong demand during festivals, the import of gold and silver has increased. Switzerland contributes about 40 percent to India’s gold imports, followed by the United Arab Emirates (16 percent) and South Africa (10 percent). In October, India alone imported gold worth $5.08 billion from Switzerland, which is 403.67 percent more. India is the largest buyer of gold after China. The share of gold in the country’s total imports is more than 5 percent.
At the same time, if we talk about exports to America, it has come down to $6.31 billion from last year’s $6.9 billion. However, between April and October, overall exports increased from $47.32 billion last year to $52.12 billion this year, which indicates positive trade.
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