India's Gold Imports Dip Amid Global Economic Uncertainties: Impact on Trade Deficit
India's gold imports fell by 4.23% to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties. The decline impacted the country's trade deficit, which widened to USD 23.5 billion in July. Despite the dip, experts predict an increase in imports during the festive season.
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- India
India's gold imports, crucial to the country’s current account deficit (CAD), fell by 4.23% to USD 12.64 billion from April to July 2024-25, according to government data. This decline is attributed to global economic uncertainties.
The imports, which stood at USD 13.2 billion during the same period last year, further dropped 10.65% in July to USD 3.13 billion compared to USD 3.5 billion in July 2023.
A jeweller stated that high prices are discouraging imports, but an increase is expected from September due to the festive season and reduced import duties. Despite the decline in gold imports, India’s trade deficit widened to USD 23.5 billion in July and USD 85.58 billion in the first four months of the fiscal year.
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