India Trade Deficit Jumps 70% On Huge Gold Import
Gold Import Comes Out Double than Previous Year
After Huge falls in International GOLD market , India's Gold import hike drastically 7.5 billion US Dollar on April than previous $ 3.1 billion ( year on year). After last month Gold & Silver price plunged , India's Gold Consumers hugely Buy their favorite Yellow Metal . This cause huge Import. This Huge Gold import caused widened Trade deficit of $ 17.8 billion than $ 10.3 billion in March. Almost 70% trade deficit jumps. Imports in April rose 10.9% from a year earlier to $41.95 billion. That was mainly because of a sharp increase in the imports of gold and silver. India imported $7.5 billion worth of gold and silver in the past month, compared with $3.1 billion in the year-earlier period.
Demand for gold in India, the world’s largest consumer, has increased lately following a steep fall in its price, which hit a two-year low globally in mid-April. Demand rose despite the government’s efforts to reduce the metal’s imports through steps such as higher import tax.
Source:- Market Watch
