India's Silver bar imports declined 11% in February

Author: Paul Ploumis
19 Mar 2015 Last updated at 08:09:56 GMT

MUMBAI (Scrap Monster): The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) suggests huge decline in Silver bar imports by the country during the month of February this year. The country’s Silver bar imports during the month dropped sharply by 11.1% upon comparison with the imports during the same month the year before. This is in accordance with the latest trade data published by the Council.

The GJEPC data indicates that the total Silver bar imports by the country in February 2015 amounted to INR 11.92 crores (USD 1.92 Million). In rupee terms, the Silver bar imports have edged lower by 11.1%. The decline in dollar terms stood at 10.7%. It must be noted that the country’s Silver bar imports during February 2014 had totaled INR 13.41 crores (USD 2.15 Million).

However, silver bar imports by the country in February this year rose when compared with the previous month. The imports were up by nearly 43% over the previous month. The country’s Silver bar imports had totaled INR 8.30 crores (USD 1.33 Million) during January 2015.

According to GJEPC, the cumulative Silver bar imports by the country during the initial eleven month period of the current fiscal has declined by nearly 28.8% when matched with the previous year. The country’s Silver bar imports during the eleven-month period from April 2014 to February 2015 totaled INR 153.40 crores (USD 25.16 Million). During the corresponding eleven-month period during previous fiscal, the country had imported Silver bars worth INR 215.46 crores (USD 35.88 Million).