Gold imports jump multi-fold to $6.91 bn in April-May on low base effect

The significant jump in the gold imports has lead to widening of the country's trade deficit, difference between imports and exports, to USD 21.38 billion during April-May this fiscal as against USD 9.91 billion in the year-ago period.

Gold imports, which have a bearing on the current account deficit, zoomed to USD 6.91 billion (Rs 51,438.82 crore) during April-May 2021 due to low base effect in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry. Imports of the yellow metal had plunged to USD 79.14 million (Rs 599 crore) in the corresponding period last year, the data showed. Silver imports, however, dipped by 93.7 per cent to USD 27.56 million.