New Delhi, Aug 16: India’s gold imports, which have a bearing on the country’s current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties, according to government data.
The imports stood at USD 13.2 billion in April-July 2023.
In July alone, the imports declined by 10.65 per cent to USD 3.13 billion as against USD 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 USD 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 Rs 300 to Rs 73,150 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 USD 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 USD 23.5 billion in July and USD 85.58 billion during the first four months of this fiscal.