Gold imports rise 54% to $3.97 billion

New Delhi, May 20 

Gold imports increased 54% to $3.97 billion in April, widening the country’s trade deficit and fuelling worries about the current account deficit (CAD). Imports of the precious metal stood at $2.58 billion in April 2018, according to data from the Commerce Ministry.

Increase in gold imports pushed the country’s trade deficit to a five-month high of $15.33 billion in April.

The country’s current account deficit (CAD) widened to 2.5% of GDP in the third quarter of the last financial year from 2.1% a year ago, primarily on account of a higher trade deficit, though the foreign exchange reserves continued to soar.

After recording a negative growth in imports in February, gold imports started registering double-digit growth. In March, it grew 31% to $3.27 billion. — PTI