The import of gold fell by 10.3% to $1.80 billion in September on account of sliding prices of the metal in both global and domestic markets, as per data compiled by Commerce Ministry. Gold imports had stood at $2 billion in September last year. The imports mainly take care of demand of jewellery industry.
The imports of silver too went down to $139.16 million in September as against $484.74 million in the same month last year. The country’s total official gold imports declined to 60 tonnes in April-July of this fiscal, much lower than 250 tonnes in the year-ago period.
The imports of metal have been declining since February this year and the dip in the imports helps contain the current account deficit (CAD). The contraction helped narrowing the trade deficit to $8.33 billion in September this year as against $10.16 billion in the same month of 2015.
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