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Gold imports |
Total imports of the precious metal in 2017-18 had stood at $33.7 billion, according to data from the Commerce Ministry.
Trade experts said softening prices of the yellow metal in the global markets could be the reason for the contraction in the value of imports.
After recording negative growth in February, the imports grew 31.22% to $3.27 billion in March.
India is one of the largest gold importers in the world, and the imports mainly take care of demand from the jewellery industry.
The jump in imports during March helped gems and jewellery exporters push their exports. The outbound shipments dipped only marginally by 0.37% to $3.42 billion in March.
The jump in imports during March helped gems and jewellery exporters push their exports. The outbound shipments dipped only marginally by 0.37% to $3.42 billion in March.
The country’s current account deficit (CAD), or the difference between outflow and inflow of foreign exchange in the current account, widened to 2.5% of gross domestic product (GDP) in the third quarter of the fiscal, against 2.1% in the year-ago period, mainly due to a large trade deficit.
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