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Silver August 21, 2017 01:30:24 PM

India's Gold Bar Imports Plunged 60% in July

Anil Mathews
ScrapMonster Author
The cumulative gold bar imports by the country during the initial four-month period (Apr ’17 to July ’17) of the current fiscal year declined sharply over the previous year.

India's Gold Bar Imports Plunged 60% in July

NEW DELHI (Scrap Monster):  The gold bar imports by India have recorded another month of decline in July 2017. This is in accordance with the latest trade statistics published by the country’s Gems and Jewellery Export Promotion Council (GJEPC). The cumulative gold bar imports during the initial seven-month period of the year too registered notable decline. On the other hand, silver bar imports surged higher significantly during the month.

Gold Bar Imports

According to GJEPC data, the gold bar imports by the country tumbled by nearly 60% in July this year. The monthly import statistics indicate that the total gold bar imports by the country during July ‘17 amounted to Rs 1,092.00 crores (USD 169.41 Million). In rupee terms, the gold bar imports have declined sharply by over 59% over the year. The decline in dollar terms stood at 57.3%. It must be noted that the country’s gold bar imports during July last year were valued at Rs 2,665.74 crores (USD 396.63 Million).

Meantime, the July ’17 gold bar imports saw marginal decline when compared with the imports during the month before that. The country’s gold bar imports had totaled Rs 1,127.52 crores (USD 174.97 Million) in June 2017.

The cumulative gold bar imports by the country during the initial four-month period (Apr ’17 to July ’17) of the current fiscal year declined sharply over the previous year. The imports plunged by nearly 58.5% year-on-year from Rs 11,650.38 crores (USD 1,740.34 Million) to Rs 4,831.01 crores (USD 749.52 Million) during the first four months of this fiscal.

Silver Bar Imports

The GJEPC figures suggest notable jump in Silver bar imports by the country during the month of July this year. The country’s Silver bar imports reported almost 82% jump during the month when matched with the imports during the same month a year before. The imports totaled INR 36.10 crores (USD 5.60 Million). In rupee terms, the Silver bar imports have skyrocketed by 81.5% when matched with the previous year. The year-on-year jump in dollar terms stood at 89%. It must be noted that the country’s Silver bar imports had totaled INR 19.89 crores (USD 2.96 Million) in July 2016.

Also, GJEPC data indicates that silver bar imports by the country in July recorded significant increase when compared with the previous month. The imports were up by nearly 50% when compared with June this year. The country’s Silver bar imports had totaled INR 24.09 crores (USD 3.74 Million) during June 2017.

The silver bar imports during the first four months of the current fiscal year totaled INR 99.26 crores (USD 15.40 Million). The first four-month imports increased marginally by 2.13% when compared with the imports of INR 97.19 crores (14.51 Million) during Apr-July ’16.

 

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