| Date: |
19-05-2015 |
| Subject: |
India’s gold imports surged by 78.33% to $ 3.13 billion in April |
|
Mumbai - India's trade deficit gap for April widened, according to the Directorate General of Commercial Intelligence and Statistics (DGCIS) of the Ministry of Commerce and Industry, reaching $10.99 billion.
Exports in the fourth month of 2015 were 14% lower than a year ago, following a staggering fall in exports in March.
Meanwhile, imports also declined and came in 7.5%, less than the same month a year ago, while in March it was 13.4% less.
Oil imports dipped 42.65% during April, while non-oil imports grew by 12.58%.
However, gold imports surged by 78.33% y/y to $ 3.13 billion in April on declining prices and easing of restrictions by the RBI. Imports of the precious metal stood at $ 1.75 billion in the same month of 2014. In March, imports grew 94% to USD 4.98 billion.
Increasing gold import is one of the reasons for the widening trade deficit in April, which stood at USD 11 billion as against USD 10 billion in April 2014. India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.
Source : fxstreet.com
|