Gold imports up 73 pc, widens trade deficit

India’s gold imports, which have a bearing on the country’s current account deficit (CAD), surged by about 73 per cent to $45.1 billion during April-February this fiscal on account of higher demand, as per official data. The imports stood at $26.11 billion in @@@@ 2021.

In February 2022, however, imports of the precious metal dipped by 11.45 per cent to $4.7 billion, as per the data by the commerce ministry. The surge in gold imports during the 11-month period contributed to the widening of the trade deficit to $176 billion, against $89 billion in April-February 2021. India is the world’s second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry.