India Gold Imports Hit 3-Year Low in 2019
The country imported a total of 831 tonnes of gold during the previous year, valued at $31.22 billion.
SEATTLE (Scrap Monster): According to government sources, the gold imports in India registered notable decline in 2019.
The country imported a total of 831 tonnes of gold during the previous year, valued at $31.22 billion. This is significantly lower by 12% from the year before that. In value terms, the imports were down by 2%. The country’s gold imports had totalled 944 tonnes in 2018. The imports hit the lowest level in three years. The record high domestic gold prices led to the sharp fall in retail buying, which in turn resulted in reduced import volumes.
India has been recording negative growth in gold imports since July this year. However, the imports recorded increase during October and November. The gold imports were valued at $1.84 billion in October, whereas it increased further to $2.94 billion in November.
The gold imports declined by nearly 7% to $20.57 billion in April-November ’19, as compared with $22.16 billion in the same period a year before.
The lower gold imports by the country helped the country to cut its trade deficit. The country’s trade deficit has narrowed to $106.84 billion during April-November ’19, as compared with $133.74 billion in the corresponding period a year before. The falling gold demand in India could weigh on global gold prices. It must be noted that the international gold prices had recorded substantial jump by 18% in 2019.