Imports dip 6.77% during April-Dec 2019

New Delhi: Gold imports, which have a bearing on the current account deficit (CAD), fell 6.77 per cent to $23 billion during the April-December period of the current financial year, according data from the commerce ministry.

Imports of the yellow metal stood at $24.73 billion in the corresponding period of 2018-19. The decline in gold imports has helped in narrowing the country's trade deficit to $118 billion during the period, against $148.23 billion a year ago. Gold imports had been recording a negative growth since July this year. However, it recorded positive growth in October and November last year, only to contract by about 4 per cent in December last year. India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually.