The country’s gold imports, which have a bearing on the country’s current account deficit (CAD), rose by 21.78 per cent to USD 27 billion during April-September this fiscal due to strong domestic demand, according to the government data.
The imports stood at USD 22.25 billion in April-September 2023-24.
An industry expert said that the ongoing festival demand is helping the increase in imports.
In 2023-24, India’s gold imports surged 30 per cent to USD 45.54 billion.
Switzerland is the largest exporter of gold, 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.
The jump in gold imports pushed the country’s trade deficit (difference between imports and exports) to USD 137.44 billion during the first half of the current fiscal compared to USD 119.24 billion during April-September 2023.
India is the world’s second-biggest gold consumer after China.
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