New Delhi, India\u2019s gold imports dipped 57.7 per cent year on year to $2.3 billion in August even as overall merchandise imports rose 14.1 per cent to $70.67 billion, government data showed on Tuesday.<\/p>\n\n\n\n
Merchandise gold exports surged 26.1 per cent to $43.81 billion in August, narrowing India\u2019s trade deficit.<\/p>\n\n\n\n
India’s trade deficit dropped to $26.9 billion in August, down from $31.98 billion in July as merchandise exports rose 26.1 per cent on an annual basis. The fall in deficit could provide some relief to the rupee, which has been relatively showing a weaker performance this year.<\/p>\n\n\n\n
Strong demand from the United States, the European Union and emerging markets supported the export surge, Commerce Secretary Rajesh Agrawal said.<\/p>\n\n\n\n
The export surge was broad-based, with engineering goods, petroleum products, chemicals and textiles among the sectors supporting growth.<\/p>\n\n\n\n
The sharp fall in gold imports followed elevated global prices and repeated appeals by Prime Minister Narendra Modi to curb gold purchases to help contain the import bill.<\/p>\n\n\n\n
Inbound gold shipments stood at $2.3 billion in August, down from $4.16 billion in July and on an YoY basis imports were down 57.7 per cent.<\/p>\n\n\n\n
Uptick in merchandise imports were supported by domestic economic activity and demand for inputs used in manufacturing, along with higher energy prices adding to the import bill.<\/p>\n\n\n\n
Prime Minister Narendra Modi described India\u2019s trade performance a \u201cherculean feat\u201d despite oil shocks, supply-chain disruptions and global uncertainty.<\/p>\n\n\n\n
Prime Minister Narendra Modi appealed to curb foreign travel, gold purchases and weddings to conserve foreign exchange necessary due to import dependence during India’s rapid growth phase.<\/p>\n\n\n\n
As the economy grows faster, the need for both energy and technology inputs grow. Hence, the country needs foreign exchange to pay for precision machines, materials, CPUs, GPUs and advanced software.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi, India\u2019s gold imports dipped 57.7 per cent year on year to $2.3 billion in August even as overall merchandise imports rose 14.1 per cent to $70.67 billion, government […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,20],"tags":[],"class_list":["post-3811","post","type-post","status-publish","format-standard","hentry","category-business","category-display","has_no_thumb"],"_links":{"self":[{"href":"https:\/\/newsaxis.com\/index.php?rest_route=\/wp\/v2\/posts\/3811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsaxis.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsaxis.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsaxis.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/newsaxis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3811"}],"version-history":[{"count":1,"href":"https:\/\/newsaxis.com\/index.php?rest_route=\/wp\/v2\/posts\/3811\/revisions"}],"predecessor-version":[{"id":3812,"href":"https:\/\/newsaxis.com\/index.php?rest_route=\/wp\/v2\/posts\/3811\/revisions\/3812"}],"wp:attachment":[{"href":"https:\/\/newsaxis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsaxis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsaxis.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}