Switzerland emerges as India’s top import destination in April with soaring gold imports

India’s gold imports, which have a bearing on the country’s current account deficit, surged 30% to $ 45.54 billion during 2023-24

   
Gold imports in April

Switzerland has emerged the top import destination for India in April on account of a jump in inbound shipments of gold from that country, according to the commerce ministry data. Gold imports during the month have more than doubled to $3.11 billion. Switzerland is followed by Russia, China, Iraq, and the UAE in April, the data showed.

India’s gold imports, which have a bearing on the country’s current account deficit, surged 30% to $ 45.54 billion during 2023-24.

In March this year, however, the imports of the precious metal had contracted 53.56% to $1.53 billion. Switzerland is the largest source of gold imports, with about 40% share, followed by the UAE (over 16%), and South Africa (about 10%).

The precious metal accounts for over 5% of the country’s total imports. At present, there is a 15% import duty on gold. India is the world’s second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry. The gems and jewellery exports in 2023-24 dipped about 14% to $32.7 billion.

At the exports front, the US emerged as the top export destination for India in April. It was followed by the Netherlands, Singapore, the UAE, France , and the UK.

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