Gold imports declined by 11.8 per cent to $50 billion (around Rs.2.7 lakh crore) in April-February 2012-13.
Gold imports in terms of value stood at $56 billion for 2011-12, $40 billion in 2010-11 and $28 billion in 2009-10, Minister of State for Finance, Namo Narain Meena, informed the Lok Sabha on Friday.
Gold imports, at $50,637 million and 9,51,170 kg in volume in 2012-13 (April-February), were lower by 11.8 per cent and 1.6 per cent (in volume terms) over the corresponding previous period, Mr. Meena said.
Gold is the second major import item for India after petroleum and constituted 11.3 per cent of total imports in 2011-12 in value terms. Gold imports account for nearly 26 per cent of India’s trade deficit during April-February.
“The rise in imports of gold is one of the factors contributing to India’s high trade deficit and CAD in 2011-12, forming 30 per cent of its trade deficit,” he said.
Gold prices fell to a 21-month low of Rs.26,440 per 10 gram in the domestic market on April 16 due to continued sell off in global markets. Gold prices closed at around Rs.28,000 per 10 gram in Delhi on Friday. It had touched an all-time high of Rs.32,975 on November 27 last year.