Gold imports dip 40% in Apr-Nov to $12.3 bn

New Delhi: Gold imports, which have a bearing on the current account deficit, fell 40 per cent to $12.3 billion during April-November due to fall in demand in the wake of the COVID-19 pandemic, according to data from the commerce ministry.

Imports of the yellow metal stood at $20.6 billion in the corresponding period of 2019-20.

The imports, however, recorded a year-on-year growth of 2.65 per cent in November to $3 billion.

Silver imports during April-November 2020 too dipped 65.7 per cent to about $752 million.

The decline in gold and silver imports has helped in narrowing the country's trade deficit, difference between imports and exports, to USD 42 billion during April-November 2020-21 as against USD 113.42 billion in the year-ago period.

India is the largest importer of gold, which mainly caters to demand of jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually.

Gems and jewellery exports declined by 44 per cent to $14.30 billion during the first eight months of the current fiscal.