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Gold imports fall over 4% in Apr-July
High prices, global uncertainty hit gold imports; But it will go up from September as festive season will start in India and the import duty cut benefit is also there: GTRI
New Delhi: India’s gold imports, which have a bearing on the country’s current account deficit (CAD), dipped by 4.23 per cent to $12.64 billion during April-July 2024-25 due to global economic uncertainties, according to government data. The imports stood at $13.2 billion in April-July 2023. In July alone, the imports declined by 10.65 per cent to $3.13 billion as against $3.5 billion in the same month last year. The inbound shipments were also in negative during June (-38.66 per cent) and May (-9.76 per cent). In April, the imports jumped to $3.11 billion from one billion in April 2023.
According to a jeweller, the high prices are discouraging the imports, but it will go up from September as festive season will start in India and the import duty cut benefit is also there. The government has slashed the customs duty on gold and silver to 6 per cent from 15 per cent. Gold prices rose Rs300 to Rs73,150 per 10 grams in the national capital on August 14 amid a jump in precious metal rates in the international markets. In 2023-24, India’s gold imports surged by 30 per cent to $45.54 billion. Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent). The precious metal accounts for over 5 per cent of the country’s total imports.
Despite the dip in gold imports, the country’s trade deficit (difference between imports and exports) widened to $23.5 billion in July and $85.58 billion during the first four months of this fiscal. India is the world’s second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry. The gems and jewellery exports during April-July this fiscal contracted by 7.45 per cent to $9.1 billion. India recorded a current account surplus of $5.7 billion or 0.6 per cent of GDP in the March quarter.
For FY24, the current account deficit narrowed to $23.2 billion or 0.7 per cent of GDP against $67 billion or 2 per cent of GDP in FY23. A current account deficit occurs when the value of goods and services imported and other payments exceeds the value of the export of goods and services and other receipts by a country in a particular period.
As per the government data, silver imports jumped to $648.44 million during April-July 2024 as against $214.92 million in the year-ago period. India is seeking review of certain provisions of the free trade agreement with the UAE, which came into force on May 1, 2022.
