India’s Gold Bar Imports Recorded 12% Decline

SEATTLE (Scrap Monster): The gold bar imports by India have recorded decline during the month of June this year. The silver bar imports too reported significant decline during the month. 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 first quarter of the current fiscal registered notable decline upon comparison with the previous fiscal.

According to GJEPC data, the gold bar imports by the country tumbled by nearly 10% in June 2019. The monthly import statistics indicate that the total gold bar imports by the country during the month amounted to Rs 4,698.97 crores (USD 676.69 Million). In rupee terms, the gold bar imports have declined sharply by nearly 8% over the year. The decline in dollar terms stood at around 10%. It must be noted that the country’s gold bar imports during June last year were valued at Rs 5,081.81 crores (USD 749.64 Million).

The cumulative gold bar imports by the country during the initial three-month period (Apr ’19 to June ’19) of the current fiscal year declined sharply by 11.5% over the previous year. The imports were down from USD 2,318.78 Million to USD 2,053.26 Million during the initial quarter this fiscal.

Meantime, the silver bar imports too have registered huge decline, falling from $4.11 million in June ’18 to $2.81 in June this year. The combined imports during Apr-June ’19 totaled $7.53 million, down by over 11% when matched with $8.47 during the corresponding three-month period last fiscal.