Gold imports jump 331 percent

New Delhi, Gold imports in November have increased by an unprecedented 331 percent.

Gold market

According to the Union Commerce Ministry statistics,

The demand for gold increased in November due to festivals and weddings. Accordingly, gold imports increased to Rs 1.25 lakh crore.

Reasons

25% profit received so far this year on gold investment

High investment in gold due to international uncertainty

Import duty reduced from 15 to 6%.

This is an unprecedented monthly import. In November last year, gold worth Rs 29,000 crore was imported, and now it has been imported four times more.

From April to November of the current financial year, gold imports increased by 49 percent to Rs 4.10 lakh crore. This was Rs 2.76 lakh crore in the same period of the previous financial year.

India's merchandise exports fell by 5% last month

New Delhi, India's merchandise exports fell by 4.85% to Rs 2.71 lakh crore in November, the Union Commerce Ministry said. Gold imports in November increased to an all-time high of Rs 1.25 lakh crore. During the April-November period of this year, exports grew by 2.17% to Rs 24.02 lakh crore; exports grew by 8.35% to Rs 41.13 lakh crore.

Trade November 2023-2024
Exports
2.85-2.71
Imports
4.65-5.91
Deficit
1.80-3.20
(in lakh crores of rupees)

Comments

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