India's neighboring nation Pakistan’s Gold imports raise 1,533% y/y in July: PBS

PAKISTAN September 05 2013 6:27 PM

LAHORE (Scrap Register): The World's biggest bullion consumer India's neighboring nation Pakistan’s gold imports advanced sharply by nearly 1,533% year-on-year to 3,249 kilogram in the first month of current fiscal and up by 226.29% month-on-month, as per latest data released by the Pakistan Bureau of Statistics (PBS). The Pakistan Government's fiscal year runs from July 1st to June 30th.

According to PBS data, Pakistan has imported gold worth $ 134.919 million in July this year. Country has imported only 199 kilo gram of gold in July last year and 887 kilo gram June this year.

Following the Indian government’s decision to discourage gold import by imposing 10% duties, buyers have reportedly shifted to Pakistan where the precious metal is allowed to be imported duty free since 2001.

Country’s total imports value of metal group advanced sharply by 49.39% year-on-year to $ 331.57 million in July this year and 5.88% month-on-month.

Country’s total imports value of metal group advanced sharply by 49.39% year-on-year to $ 331.57 million in July this year and 5.88% month-on-month.

Pakistan’s imports of iron and steel decreased by 6.51 year-on-year and down 50.01% month-on-month. The imports of aluminum wrought and worked during July 2013 decreased by 6.8% from a year earlier and dipped by 15.35% from June this year.