Gold imports surges five-fold to $3.75 billion in Sept

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Gold imports rose five-fold to USD 3.75 billion in September on account of the ongoing festive season, Economic Times reported.

Gold imports stood at USD 682.5 million in the same month last year, according to ET report.

The high imports have pushed up the country's trade deficit to about 18-month high of USD 14.2 billion in the month under review.

Gold imports surges five-fold to $3.75 billion in Sept
Gold imports were down for quite a long time after the government had imposed restrictions on inbound shipments of the precious metal to narrow the Current Account Deficit.

According to industry experts, the gold imports in September because of the ongoing festive season.

India's CAD, which is the excess of foreign exchange outflows over inflows, touched a historic high of 4.8 per cent of GDP in 2012-13, mainly due to rising imports of petroleum products and gold.

However, it narrowed sharply to 1.7 per cent of GDP in the April-June quarter of this fiscal due to decline in gold imports.

Story first published: Wednesday, October 15, 2014, 9:20 [IST]
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