Gold Import, Silver Import: India witnessed a significant decline in gold imports due to a massive price hike in March according to data released by the Ministry of Commerce & Industry. Gold imports plummeted by 53.16% to 12,722 crore rupees (equivalent to $1,532.82 million) in March 2024, compared to 27,162 crore rupees (equivalent to $3,300.86 million) in March 2023.
Conversely, silver imports saw a staggering increase of 1068%, with India importing silver worth 6,777.5 crore rupees (equivalent to $816.59 million) in March 2024, compared to 579.88 crore rupees (equivalent to $70.47 million) in March 2023. Silver prices also saw gains in April.
The gems and jewellery export sector also experienced a downturn, declining by 3.76% in March 2024. India exported gems and jewellery worth 21,738 crore rupees (equivalent to $2,619.12 million) in March 2024, compared to 22,587 crore rupees (equivalent to $2,744.97 million) in March of the previous year.
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Geo-political conflicts, a slowdown in global demand, and falling commodity prices impacted India’s foreign trade, resulting in a 3.11% year-on-year decline in goods exports to $437.06 billion in FY24. The figures for MAR’24 are provisional.
However, the trade deficit narrowed by 9.33% to $240.17 billion, attributed to a higher contraction in imports at 5.41% to $677.23 billion. Notable declines in imports were observed in products such as petroleum, coal & coke, pearls, precious and semi-precious stones, transport equipment, and chemicals, according to quick estimates released by the Commerce & Industry Ministry on Monday.