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Gold August 13, 2019 10:30:45 AM

India’s Gold Bar Imports Slumped 11%

Paul Ploumis
ScrapMonster Author
The gold bar imports by the country totaled $ 2,752.94 million in Apr-July ’19.

India’s Gold Bar Imports Slumped 11%

SEATTLE (Scrap Monster): The gold bar imports in India recorded a decline by nearly 11% during the initial four months of the fiscal year. The imports were down by over 9% in the month of July ’19 alone. This is in accordance with the latest trade statistics published by the country’s Gem and Jewellery Export Promotion Council (GJEPC).

The gold bar imports by the country totaled $ 2,752.94 million in Apr-July ’19. This compares with $ 3,082.58 million in the corresponding period last fiscal. Over the year, India’s gold bar imports dropped by 10.69%. The imports recorded a year-on-year decline by 9.20% in July ’19, from the level of $763.80 million to $693.51 million. In rupee terms, the Apr-July ’19 and July ’19 imports were down by 8.17% and 9.04% respectively.

ALSO READ: GJEPC Posts 15% Dip in Gold Jewellery Exports

Meantime, silver bar imports too dropped significantly during the period, GJEPC data said. The silver bar imports totaled $11.69 million during Apr-July ’19, down by 8.96% when matched with the imports of $12.84 million during the comparable period in 2018. The monthly imports of silver bar declined 6.9% year-on-year from $4.37million in July ’18 to $4.16 million in July this year.

The GJEPC data indicates notable surge in imports of gold and silver jewellery during Apr-July ’19. The gold jewellery imports at $98.94 million were higher by 9.57% over the previous year. The silver jewellery imports totaled $21.41 million, marginally higher by 0.66% upon comparison with the imports of $21.27 million in Apr-July ’18.

 

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