India increases gold imports

India increases gold imports

India increases gold imports

India in August 2020 increased its gold imports 2.7 times compared to August last year – up to $ 3.703 billion, according to the materials of the Ministry of Trade and Industry of the country. Imports of gold last month exceeded the total imports in March-July this year.

In just 8 months of 2020, it is estimated that gold supplies to India have halved compared to January-August 2019 and amounted to $ 11.349 billion.

The most “disastrous” month of the current year was April, when, against the background of the national lockdown in India, the import of gold into the country actually stopped and amounted to only $ 3 million. Since then, the volumes have gradually grown and returned to normal levels in July. Meanwhile, the indicator for August is a solid value even for “dock” times. By comparison, on average in 2018-2019, it is estimated that India imported approximately $ 2.6 billion of gold per month.

India is one of the largest consumers of gold in the world, producing almost no gold itself. In 2019, it was estimated that gold shipments to India were about $ 31.2 billion.

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