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Silver November 28, 2017 01:30:12 PM

India's Gold Bar Imports More Than Doubled in October

Paul Ploumis
ScrapMonster Author
Meantime, the October ’17 gold bar imports reported considerable decline when compared with the prior month. The country’s gold bar imports had totaled Rs 4,012.49 crores (USD 622.67 Million) in September 2017.
India's Gold Bar Imports More Than Doubled in October

NEW DELHI (Scrap Monster):  India’s gold bar import volumes skyrocketed during the month of October this year. The trade statistics published by the country’s Gems and Jewellery Export Promotion Council (GJEPC) indicates that imports more than doubled over the previous year. However, cumulative gold bar imports during the initial seven-month period of the fiscal year were still below the imports during the corresponding period in 2016. Meantime, Silver bar imports witnessed modest decline during October 2017.

Gold Bar Imports

According to GJEPC data, the gold bar imports by the country surged higher by nearly 101% in October this year. The monthly import statistics indicate that the total gold bar imports by the country during the month amounted to Rs 3,570.27 crores (USD 548.60 Million). In rupee terms, the gold bar imports have increased sharply by 96% over the year. The jump in dollar terms stood at 101%. It must be noted that the country’s gold bar imports during October 2016 were valued at Rs 1,821.20 crores (USD 272.84 Million).

Meantime, the October ’17 gold bar imports reported considerable decline when compared with the prior month. The country’s gold bar imports had totaled Rs 4,012.49 crores (USD 622.67 Million) in September 2017.

The cumulative gold bar imports by the country during the initial seven-month period (Apr ’17 to Oct ’17) of the current fiscal year registered sharp decline over the previous year. The imports plunged by over 11% year-on-year from Rs 19,266.12 crores (USD 2,880.19 Million) to Rs 17,102.23 crores (USD 2,652.10 Million) during the initial seven months of this fiscal.

 

Silver Bar Imports

The GJEPC figures suggest notable decline in Silver bar imports by the country during the month of October 2017. The country’s Silver bar imports plunged by almost 20% during the month when matched with the imports during the same month a year before. The imports totaled INR 29.91 crores (USD 4.60 Million). In rupee terms, the Silver bar imports have declined by 20.28% when matched with the previous year. The year-on-year decline in imports in dollar terms stood at 18.15%. It must be noted that the country’s Silver bar imports had totaled INR 37.52 crores (USD 5.62 Million) in October 2016.

Also, GJEPC data indicates that silver bar imports by the country in October remained more or less the same when compared with the previous month. The imports remained flat when compared with September this year. The country’s Silver bar imports had totaled INR 29.94 crores (USD 4.65 during September 2017.

The silver bar imports during the initial seven-month period of the current fiscal year totaled INR 226.88 crores (USD 35.22 Million). The imports during this period were up marginally by nearly 3.5% when compared with the imports of INR 227.79 crores (34.05 Million) during April-October in 2016.

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