Plan to increase imports of precious metals from US
New Delhi: While India has diversified its energy basket and started sourcing more oil and gas from the US, it is also diversifying its import basket for precious metals from the UAE so that it can purchase more gold and silver from the US market instead, a senior official said.
This will help to bring down prices and also the trade surplus with the US. The United States is a major global hub for trading these precious metals. It exports significant amounts of gold (including waste/scrap) and silver, with recent data highlighting billions of dollars in trade, particularly to markets like Canada, India, and the UK.
Exports consist of raw, refined, and jewellery forms. India exports agri-products worth $2.8 billion to the US and imports worth $1.5 billion. As a result, India's non-marine agricultural exports to the US are currently $1.3 billion in surplus. The official said that any agri products that come into India will have to meet biosecurity concerns, and GM foods are not allowed into the country.
