India’s Silver imports jump 129%, outpaces gold as higher prices reshape trade math

Silver imports jump 129% in Apr–Dec; gold volumes fall as prices power India’s precious metals bill

• India's silver imports surged 129 percent in Apr-Dec 2025
• Gold imports rose 1.8 percent in value despite lower volumes
• Trade deficit widened to USD 10.38 billion in January 2026

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India's silver import value surged 128.95 per cent during April-December 2025, driven by a sharp rise in both prices and volumes, while gold imports recorded modest value growth even as quantities declined, according to data released by the Commerce Ministry on Monday.

Silver imports climbed to USD 7.77 billion in Apr-Dec 2025 from USD 3.39 billion in the corresponding period a year earlier. The increase was supported by a 56.07 per cent increase in the quantity imported and a 46.69 per cent increase in unit prices.

Import volumes rose to 5,727.07 thousand kilograms from 369.48 thousand kilograms, while the average unit price increased to USD 1,356.98 per kg from USD 925.06 per kg.

In contrast, gold imports grew 1.83 per cent in value terms to USD 49.39 billion during Apr-Dec 2025, compared with USD 48.51 billion in Apr-Dec 2024.

The marginal increase came despite an 18.29 per cent decline in import quantity, reflecting the impact of higher prices. Gold import volumes fell to 522.38 thousand kilograms from 639.30 thousand kilograms, even as the unit price rose 24.62 per cent to USD 94,554.33 per kg from USD 75,873.08 per kg.

Longer-term trends indicate a structural shift in India's gold imports, with value rising sharply over time while volumes have stagnated or declined. Gold import value increased from USD 32.91 billion in FY19 to USD 58.01 billion in FY25, a 76 per cent rise over six years.

However, import quantity declined from 982.72 tonnes in FY19 to 757.10 tonnes in FY25, marking a 23 per cent reduction.

For FY26 (April-December), gold imports totalled USD 49.39 billion in value and 474.99 tonnes in quantity, indicating continued price-led dynamics in the precious metals trade.

The Commerce Ministry data further said India's overall exports, merchandise and services combined, increased by 13.16 per cent year-on-year to USD 80.45 billion in January 2026, compared with USD 71.09 billion in January 2025.

Overall imports during the month increased by 18.77 per cent, rising to USD 90.83 billion from USD 76.48 billion in January 2025.

India's overall trade deficit, combined for merchandise and services, widened significantly to USD 10.38 billion in January 2026, nearly doubling from USD 5.39 billion in the corresponding month last year.