Gold imports rise 54 pc to USD 3.97 billion in April : The Tribune India

Join Whatsapp Channel

Gold imports rise 54 pc to USD 3.97 billion in April

NEW DELHI: Gold imports increased 54 per cent to USD 3.97 billion in April, widening the country’s trade deficit and fuelling worries about the current account deficit (CAD).

Gold imports rise 54 pc to USD 3.97 billion in April

Imports of the precious metal stood at USD 2.58 billion in April 2018, according to data from the commerce ministry.



New Delhi, May 20

Gold imports increased 54 per cent to USD 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 USD 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 USD 15.33 billion in April.

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

CAD is the difference between outflow and inflow of foreign exchange.

After recording a negative growth in imports in February, gold imports started registering double-digit growth. In March, it grew 31 per cent to USD 3.27 billion.

India is the largest importer of gold, which mainly caters to the demand of the jewellery industry.

In volume terms, the country imports 800-900 tonnes of gold annually.

The imports dipped about 3 per cent in value terms to USD 32.8 billion during 2018-19. PTI

Top News

Chief Judicial Magistrate's court in UP's Banda orders judicial inquiry into death of gangster-politician Mukhtar Ansari

UP court orders judicial probe into gangster-politician Mukhtar Ansari’s death, seeks report in a month

Ghazipur MP Afzal Ansari on Tuesday alleged that his brother...

‘Heart attack or poisoning’: The life and times of Mukhtar Ansari—crime and politics

‘Heart attack or poisoning’: The life and times of Mukhtar Ansari—crime and politics

Eastern parts of Uttar Pradesh are among the poorest regions...

CBI files chargesheet against 20 institutes, 105 individuals in Himachal Pradesh multi-crore scholarship scam

CBI files chargesheet against 20 institutes, 105 individuals in Himachal Pradesh multi-crore scholarship scam

22 educational institutions were on CBI radar in the scholar...

Mahagathbandhan announces LS seat-sharing for Bihar; RJD to contest 26, Congress 9

Mahagathbandhan announces Lok Sabha seat-sharing for Bihar; RJD to contest 26, Congress 9

High-decibel contest seems on the cards in Hajipur, where RJ...


Cities

View All