For Quick Alerts
For Daily Alerts

Gold Imports Soar Over 60% To Reach $ 2.96 Bn In July

By Religare

A slump in Gold prices have renewed India's love affair with the yellow metal with imports of Gold, the country's second most imported commodity, jumping by over 60 per cent last month, threatening to widen the country's current account deficit (CAD), clouding the outlook for Asia's third biggest economy.

Gold Imports Soar Over 60% To Reach $ 2.96 Bn In July

Gold imports climbed by 62.2 per cent to USD 2.96 billion in July 2015, government data showed last week.

In July 2014, inbound gold shipments stood at USD 1.82 billion. Meanwhile, India imported gold worth USD 1.96 billion in June 2015, a decline of 37 per cent from the same month a year ago.

Gold prices plummeted 7 per cent in the international market in July, making the precious metal cheaper to import, increasing its lure to Indians.

The jump in Gold imports in July pushed the country's trade shortfall to the highest level in eight months at USD 12.81 billion.

The mammoth rise in gold imports last month may have an adverse impact on the current account shortfall which narrowed to USD 27.5 billion or 1.3 per cent of India's GDP in FY 2014-15 from USD 32.4 billion or 1.7 per cent of the country's GDP in FY 2013-14.

India is the largest importer of Gold in the world. The country's gold imports mainly cater to the needs of the jewellery industry.

Read more about: gold imports
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more