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India’s gold imports fell sharply in November due to a high base from October’s festive stocking and softer demand at record prices, even as year to date imports remain elevated.
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Lower gold imports could help India narrow its trade deficit and support the rupee that is trading near record low against the dollar. India is the world's second biggest consumer of the precious metal.
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The government must proactively review trade data to ensure that this is an isolated case and not indicative of a broader data accuracy problem, GTRI's founder Srivastava said.
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The surge in gold import that widened India’s trade deficit to a record in November and pushed Rupee to an all-time low was reportedly due to an error in calculation.
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An industry expert said that the ongoing festival demand is helping the increase in imports.
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The positive trend is likely to continue as a bountiful monsoon this year has brightened crop prospects, potentially boosting disposable incomes of farmers — a major consuming group.
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The imports of the yellow metal are expected to touch 800 tonnes in 2023-24.
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A lot of the trade between the two countries is taking place via preferential routes using the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, Union Commerce Secretary Sunil Barthwal said.
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Directorate General of Foreign Trade (DGFT) invited applications for Tariff Rate Quota (TRQ) for 2023-24 with the last date being February 28, 2023.
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Imports of the yellow metal stood at USD 29 billion in the corresponding period of 2021-22.
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The spurt in demand in Q4 is less likely to be repeated in 2022, though the revival will continue to set a new normal above pre-pandemic levels, the WCG said
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India's gems and jewellery exports during the nine-month of the current fiscal grew by 71 percent to about $29 million.
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The country imported nearly 300 tonnes of non-monetary gold in the second quarter of the current fiscal year as prices of the yellow metal cooled
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The headline numbers jumped high due to a severely low base as trade had crashed during May, 2020 when the COVID-induced lockdown was in full swing. But citing a nearly 8 percent growth after comparing with May, 2019, the government has expressed confidence that exports are well on their way towards recovery.
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The government has announced launch of fourth tranche of sovereign gold bond scheme from July 18 in a bid to check the demand for physical gold.
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For the first fortnight of this month, the import tariff value of gold and silver stood at USD 354 per 10 grams and USD 498 per kg, respectively.
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Gold imports jumped 34 percent in November to USD 5.61 billion, sending India's trade deficit to a 18-month high, data showed late on Monday.
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Gold imports stood at USD 5.61 billion in November this year as against USD 835.83 million in the corresponding month in 2013, according to the data released by the Commerce Ministry.
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After losing Rs 730 in last six sessions after the RBI eased imports curbs by scrapping 80:20 scheme, gold staged a strong comeback by rising Rs 840 to close at Rs 27,040 per ten grams, a level last seen on October 30.
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On a BoP basis, merchandise exports increased by 7.5 percent to USD 79.8 billion in Q3 of 2013-14 (3.9 percent in Q3 of 2012-13) on the back of significant growth especially in the exports of engineering goods, readymade garments, iron ore, marine products and chemicals.
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The Kotak Mahindra Bank MD said economic growth in the country would follow once the macro economic situation turned “sound†but added that he was pleased with the pace of correction in India‘s current account deficit.
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Bhaskar Bhat, MD, said that while the onus of exporting gold lies on bullion bankers from whom it buys gold, Titan too is exploring export opportunities now.
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The latest RBI moves mandate banks and nominted agencies to retain 20 percent (or one fifth) of every lot of gold imports in the customs bonded warehouses. They will be able to import further gold only if they export 75 percent of that stored gold.
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Global liquidity and the mood leading up to expiry could probably strike out a few more points on the Nifty, said CNBC-TV18's managing editor, Udayan Mukherjee.
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Abhishek Gupta, president, Gitanjali Gems, says gold companies face immediate working capital pressures due to recent RBI guidelines, which prohibit jewellers to buy gold on credit.
