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India’s gold imports drop 47% throughout April-October; fall to $9.28 billion

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NEW DELHI: Gold imports, which have a bearing on the present account deficit, declined 47.42% to $ 9.28 billion throughout April-October as a consequence of fall in demand within the wake of the COVID-19 pandemic, in keeping with knowledge from the Commerce Ministry. Imports of the yellow steel stood at $ 17.64 billion within the corresponding interval of 2019-20.

The imports, nonetheless, recorded a development of about 36% in October.

Silver imports through the interval too dipped 64.65% to $ 742 million.

The decline in gold and silver imports has helped in narrowing the nation’s commerce deficit, distinction between imports and exports, to $ 32.16 billion throughout April-October 2020-21 as in opposition to $ 100.67 billion within the year-ago interval.

India is the most important importer of gold, which primarily caters to demand of jewelry business. In quantity phrases, the nation imports 800-900 tonne of gold yearly.

Gems and jewelry exports declined by about 49.5% to $ 11.61 billion in April-October 2020.

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