India gold imports dropped 36% in November

By Anil Mathews (ScrapMonster Author)

December 16, 2015 07:09:38 AM

NEW DELHI (Scrap Monster): The monthly trade statistics released by the Indian Commerce Ministry indicates that gold imports by the country dropped significantly by over 36% during the month of November this year. Silver imports too dropped sharply during the month.

The country’s gold imports were valued at USD 3.53 billion, down by 36.48% when compared with the worth of gold imported during the same month a year before. The value of gold imports had totaled USD 5.57 billion during November last year. Meantime, gold prices have declined from $1,176 per Oz in Nov ’14 to as low as $1,088 per Oz in November this year.

Meantime, Silver imports nosedived by over 55% during the month to USD 285.01 million during the month. This is in comparison with the value of imports that had totaled USD 643.71 million during the same month last year. The prices of the white metal too have dropped considerably during the one-year period.

Weak global demand has continued to impact exports of gems and jewellery. The shipments extended their decline during November. The gems and jewellery exports during the month were down by nearly 22% over the previous year to USD 2.89 billion. The shipments were valued at USD 3.68 billion during last November.

Import of pearls, precious stones and semi-precious stones has declined by 53.49 per cent to US$977.51 million from US$2,101.75 million in the same period.

The fall in overall imports along with gold helped to keep the country’s trade deficit under check during the month. The trade deficit for the month stood at $9.78 billion, when matched with the deficit figure of $16.23 billion in Nov ’14. However, the deficit has climbed higher marginally when compared with $9.76 in October this year.