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Gold imports decline 40% in Apr-Nov to $ 12.3 billion
New Delhi, December 21, 2020
India's gold imports declined by 40 per cent to nearly $ 12.3 billion during the April-November period as demand weakened amid the pandemic, as per Commerce Ministry's data.
During the same period of the last financial year, gold imports stood at nearly $ 20.6 billion.
However, imports of the yellow metal witnessed a 2.65 per cent growth last month, at over $ 3 billion, compared to $ 2.94 billion in November 2019.
Silver imports during April-November this fiscal plunged 65.68 per cent to $ 751.92 million, from nearly $ 2.2 billion during the year ago period.
In November 2020, silver worth only $9.30 million was imported, compared to $ 90.39 million in November 2019.
This decline in gold and silver imports has led to the narrowing of India's trade deficit.