Gold imports fell 17% to $24 billion in April-October period

28 Nov 2022 , 10:47 AM

According to data from the commerce ministry, demand for gold decreased during the months of April through October, causing imports, which have an impact on the current account deficit, to drop 17.38% to nearly USD 24 billion. In the equivalent period of 2021—2022, imports of the yellow metal totaled USD 29 billion. According to the figures, imports fell by 27.47% to USD 3.7 billion in October of this year.

The amount of silver imported during the month fell by 34.80% to USD 585 million. However, imports increased significantly from April to October 2021—22 to USD 1.52 billion to USD 4.8 billion. The predicted goods trade deficit for April through October 2022 was USD 173.46 billion, compared to USD 94.16 billion in the previous period.

India is the world’s largest importer of gold, mainly meeting the needs of the jewelry sector. The nation yearly imports 800-900 tonnes of gold, measured in volume. From April to October 2022, exports of gems and jewelry increased slightly, by 1.81 %, to USD 24 billion. Industry experts predict that demand will increase starting in January.

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