The Commerce Ministry data indicate that silver imports too recorded notable decline in October 2022, falling by almost 35% to USD 585 million.
SEATTLE (Scrap Monster): The latest statistics published by the Commerce Ministry of India suggests that gold imports by the country recorded substantial decline during the initial seven-month period of the ongoing fiscal year.
The gold imports, valued at USD 24 billion during January-October this year, registered year-on-year decline by 17.38%. The reduced imports were mainly on account of dip in demand for the yellow metal during the period. It must be noted that the gold imports were valued at USD 29 billion in the corresponding period last fiscal year. The monthly imports totalled USD 3.7 billion in October this year, falling by 27.47% year-on-year.
The Commerce Ministry data indicate that silver imports too recorded notable decline in October 2022, falling by almost 35% to USD 585 million. However, the cumulative seven-month imports of silver were up from USD 1.52 billion in Jan-Oct ’21 to USD 4.8 billion during the corresponding period this year.
In terms of volume, the country imports around 800 to 900 tonnes of gold every year, majority of which is consumed by the jewellery sector, according to the Gems and Jewellery Export Promotion Council (GJEPC). The latest predictions by industry expects suggests healthy pickup in gold demand in the country starting January next year.
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