India gold imports up to $1.55 billion in jan 2015

 

NEW DELHI (Scrap Monster): The country’s trade deficit for the initial ten months of the current financial year from April 2014 to January 2015 went marginally higher to $118.37 billion. This is when compared with the deficit of $116.53 billion during the corresponding ten-month period from April 2013 to January 2015. Meantime, the relaxation in gold import norms has resulted in increased intake of the yellow metal during this financial year.

 

According to the officially released imports and exports data, the country’s gold imports rose 8.1% to $1.55 billion during January this year, mainly on account of lifting of gold import curbs. The total imports during the month fell by 11.39% to $32.20 billion. The sharp fall in imports is mainly attributed to decline in oil imports by the country. The imports of raw materials for manufacturing industry too slowed down during the month. Imports during the ten-month period were marginally higher by 2.17% at $383.41 billion.

 

For the ten-month period, the cumulative exports totaled $265.03 billion. During this period, the exports grew marginally by 2.44% when compared with April 2013 to January 2014. The exports during the month of Jan ’15 have dropped by 11.19%. The exports had dropped during Dec ’14 too.

 

With export growth slowing down in Jan ’15, India is unlikely to achieve its export target of $340 billion in 2014-’15 financial year. The Federation of Indian Export Organizations called for rapid policy action to bring about radical changes in the export sector.

 

The country’s trade deficit for the ten-month period totaled $118.37 billion, nearly 2% higher when compared with those during similar period in 2013-’14. The trade deficit during April 2013 to January 2014 had totaled $116.53 billion.