India's Silver imports fell sharply in June 2014

 

NEW DELHI (Scrap Monster): The latest trade statistics released by the Union Ministry of commerce in India indicates that silver imports by the country fell sharply during the month of June this year. The value of imports plunged by 53.4% over the year to $212.8 million as against the imports of $457 million during June last year. The silver import volumes dropped nearly 45% from 579 tonnes during June last year to 323 tonnes in June ’14.

 

According to silver importers, the inflow of silver into the country declined in the wake of overall weak sentiment prevailing in the jewellery market. The slowdown in manufacturing sector-which accounts for almost two-thirds of the total silver consumption by the country, has lowered the demand from industrial sectors.

 

The silver imports by the country during the initial six-months of the year have remained almost flat despite the huge fall in imports during June ’14. The cumulative Silver imports during the first half of the calendar year totaled 2,882 tonnes, slightly lower by 3% when compared with the imports of 2,980 tonnes during the first half of the previous calendar year.

 

On the other hand, easing of controls imposed on entities importing gold into the country by the Reserve Bank of India (RBI) has resulted in high gold imports during June ’14. The gold imports had surged over 60% from $1.9 billion in June ’13 to $3.1 billion in June ’14.

 

India’s Silver imports are projected to close around 5,000 tonnes during entire 2014.