Gold Import dip 45.6% to $ 2.05 bn in September
NEW DELHI: After recording a sharp rise in August, gold imports dipped 45.62% to 2.05 billion in September, a development that will help check the country's Current Account Deficit (CAD).
The sliding prices of yellow metal is one of the reasons for the plunge in imports. The prices are declining both global and domestic markets.
The Gold Import Stood At $ 3.78 billion in September 2014.
This year, the import of yellow metal were up 62.2% and 140% in July and August, respectively.
The contraction imports helped in narrowing the trade deficit to $10.47 billion in September.
India is the largest importer of gold in world. The imports mainly cater to the demand of jewellery industry.
However, in the recent past, large imports of the precious metal have also widened the CAD, which occurs when value of import of goods and services is more than exports.
In 2014-15 gold was the third largest commodity which was imported in India after crude oil and electronic items. During that fiscal, the country imports the stood at USD 34.32 billion.
The CAD in 2014-15 shrank to 1.3 percent of GDP ($27.5 billion) from 1.7 percent ($32.4 billion) in 2013-14.
Globally gold price decline 0.2 percent to $1,138.35 an ounce on September 2 in Singapore. The prices were hovering $1,260 an ounce to first week of September last year.
Falling for the third straight day, gold prices were down by Rs.10 to 26,820 per ten grams at the billion market on October 31. It was Rs.28,175 per ten gram on September last year in the domestic market.
NEW DELHI: After recording a sharp rise in August, gold imports dipped 45.62% to 2.05 billion in September, a development that will help check the country's Current Account Deficit (CAD).
The sliding prices of yellow metal is one of the reasons for the plunge in imports. The prices are declining both global and domestic markets.
The Gold Import Stood At $ 3.78 billion in September 2014.
This year, the import of yellow metal were up 62.2% and 140% in July and August, respectively.
The contraction imports helped in narrowing the trade deficit to $10.47 billion in September.
India is the largest importer of gold in world. The imports mainly cater to the demand of jewellery industry.
However, in the recent past, large imports of the precious metal have also widened the CAD, which occurs when value of import of goods and services is more than exports.
In 2014-15 gold was the third largest commodity which was imported in India after crude oil and electronic items. During that fiscal, the country imports the stood at USD 34.32 billion.
The CAD in 2014-15 shrank to 1.3 percent of GDP ($27.5 billion) from 1.7 percent ($32.4 billion) in 2013-14.
Globally gold price decline 0.2 percent to $1,138.35 an ounce on September 2 in Singapore. The prices were hovering $1,260 an ounce to first week of September last year.
Falling for the third straight day, gold prices were down by Rs.10 to 26,820 per ten grams at the billion market on October 31. It was Rs.28,175 per ten gram on September last year in the domestic market.
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