Gold Imports April-July 2022: In April-July, gold imports increased by 6.4 percent to $ 13 billion
India’s gold imports, which weigh on the country’s current account deficit (CAD), rose 6.4 per cent to $12.9 billion during April-July in the current fiscal on good demand. Imports in the same period a year ago stood at $12 billion. Imports of the precious metal fell 43.6 percent to US$2.4 billion in July 2022, according to new data released by the commerce ministry.
India is the world's second largest consumer of gold
The increase in gold and oil imports during the first four months of the current fiscal contributed to a record trade deficit of US$ 30 billion as against US$ 10.63 billion in April-July 2021. Explain that India is the second largest consumer of gold in the world after China. Imports mainly meet the demand of the jewelery industry.
Metal and jewelery exports grew nearly 7 per cent to $13.5 billion during the first four months of the current fiscal. According to Reserve Bank data released in June, a widening trade gap widened the country’s current account deficit to 1.2 per cent of GDP during 2021-22 against a surplus of 0.9 per cent in FY11.
The CAD for the January-March 2022 quarter narrowed sequentially to US$ 13.4 billion or 1.5 per cent of GDP, as against US$ 22.2 billion or 2.6 per cent of GDP in the October-December 2021 quarter .