27% increase in gold imports, Gold imports have increased by 26.70 per cent to Rs 2.98 lakh crore during the April-December period, the government said.
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In the same period last fiscal, imports stood at Rs 2.36 lakh crore. According to data released by the Ministry of Commerce, gold imports rose 157 percent to Rs 24,900 crore in December 2023.
Switzerland is the largest source of the country's gold imports, accounting for nearly 41 percent. This is followed by United Arab Emirates contributing 13 percent and South Africa 10 percent. Gold accounts for more than 5 percent of the country's total imports. Currently, import duty on gold is 15 percent.
Despite the increase in gold imports, the country's trade deficit narrowed to Rs 15.61 lakh crore in the April-December period of the current financial year. It was Rs 17.62 lakh crore in the corresponding period of the previous financial year.
During the same period, exports of gems and jewelery declined by 16.16 per cent to Rs 2.02 lakh crore.