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The Surge In India’s Golds Imports To The Us
by Exim Trade Data Global Import Export Trade DataDuring 2020-21, as per the Commerce Ministry data, due to the increase in the domestic demand for gold, gold imports of India, which have a posture on the CAD ( Country’s Current Account Deficit), rose by 22.58% to $34.6 billion.
However, imports of Silver during the last year dipped by 71% which amounts to $791 million. On the other hand, the imports of yellow metal remain at $28.23 billion during 2019-20.
Despite the increase in the imports of gold, India’s trade deficit strait to $98.56 billion in 2020 and 2021 while comparing to $161.3 billion in 2019 and 2020.
The chairman of GJEPC (Gem and Jewellery Export Promotion Council), Colin Shah while addressing the nation’s market demand said,” the rise in the domestic demand is impelling up the gold imports.”
On a global level, India is one of the largest importer countries of gold, which mainly serves to meet the demand of the jewelry industry. According to India export data of 2020-21, India recorded a decline of 27.5% to $26 billion in its total global exports value.
QUARTER | VALUE IN USD ($) | YEAR |
QUARTER - 1 | $9.4 Billion | 2021 |
QUARTER - 2 | $4.9 Billion | 2021 |
QUARTER - 3 | $7.4 Billion | 2021 |
QUARTER - 4 | $8.3 Billion | 2021 |
India recorded the highest gold import value of $9.4 billion in the first quarter followed by quarter 4 and 3 with an import value of $8.3 billion and $7.4 billion respectively during 2021.
What are the top gold import partner countries of India?
Based on India Import Data, Countries such as Argentina, Brazil, Guinea, Switzerland, Dominican Republic, Peru, Bolivia, United Arab Emirates, South Africa, Ghana, and Bolivia are the top gold import partner countries of India.
Country | Value in USD ($) | Total Share (%) |
Argentina | $0.5 Billion | 1.9% |
Brazil | $0.6 Billion | 2.1% |
Guinea | $3.1 Billion | 10.4% |
Switzerland | $9.0 Billion | 29.9% |
Dominican Republic | $0.6 Billion | 2.2% |
Peru | $2.2 Billion | 7.5% |
Bolivia | $1.9 Billion | 6.5% |
United Arab Emirates | $5.9 Billion | 19.6% |
South Africa | $2.3 Billion | 7.7% |
Ghana | $1.0 Billion | 3.3% |
Switzerland and the United Arab Emirates with a total export value of $9.0 billion and $5.9 billion stood at the top two gold export partner countries of India. The market analysis reports of India also reveal the list of the top gold export companies to India.
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India is among the top five gold exporter countries in the world, India’s gold imports accounted for 6 percent of total gold imports on a global level.
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Created on Feb 10th 2022 01:07. Viewed 195 times.
