Indias Gold Bar Imports Surged 40% in August

(September 18, 2017 - by Anil Mathews)

According to GJEPC data, the gold bar imports by the country jumped higher by nearly 40% in August this year.

NEW DELHI (Scrap Monster):  The gold bar imports by India have recorded sharp rise in August this year. This is in accordance with the latest trade statistics published by the country’s Gems and Jewellery Export Promotion Council (GJEPC). However, cumulative gold bar imports during the initial eight-month period of the year registered notable decline. Meantime, silver bar imports surged higher significantly during the month.

Gold Bar Imports

According to GJEPC data, the gold bar imports by the country jumped higher by nearly 40% in August this year. The monthly import statistics indicate that the total gold bar imports by the country during August ‘17 amounted to Rs 2,744.83 crores (USD 429.08 Million). In rupee terms, the gold bar imports have declined sharply by 40.52% over the year. The decline in dollar terms stood at 47.04%. It must be noted that the country’s gold bar imports during August last year were valued at Rs 1,953.37 crores (USD 291.81 Million).

Meantime, the July ’17 gold bar imports reported considerable surge when compared with the imports during the month before that. The country’s gold bar imports had totaled Rs 1,092.00 crores (USD 169.41 Million) in July 2017.

The cumulative gold bar imports by the country during the initial five-month period (Apr ’17 to Aug ’17) of the current fiscal year declined sharply over the previous year. The imports plunged by 40.94% year-on-year from Rs 14,512.00 crores (USD 2,167.90 Million) to Rs 8,108.02 crores (USD 1,261.17 Million) during the first five months of this fiscal.

Silver Bar Imports

The GJEPC figures indicate notable jump in Silver bar imports by the country during the month of August this year. The country’s Silver bar imports reported almost 60% jump during the month when matched with the imports during the same month a year before. The imports totaled INR 43.21 crores (USD 6.75 Million). In rupee terms, the Silver bar imports have skyrocketed by 60.8% when matched with the previous year. The year-on-year jump in dollar terms stood at 67.9%. It must be noted that the country’s Silver bar imports had totaled INR 26.88 crores (USD 4.02 Million) in August 2016.

Also, GJEPC data indicates that silver bar imports by the country in August recorded significant increase when compared with the previous month. The imports were up by nearly one-fifth when compared with July this year. The country’s Silver bar imports had totaled INR 36.10 crores (USD 5.60 Million) during July 2017.

The silver bar imports during the first five months of the current fiscal year totaled INR 142.46 crores (USD 22.15 Million). The imports during this period were down slightly by nearly 8% when compared with the imports of INR 154.32 crores (23.04 Million) during Apr-Aug ’16.