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According to government data, India’s gold imports rose by 6.4 percent to USD 12.9 billion during April-July this fiscal due to healthy demand. A year ago, the country imported USD 12 billion.

According to the latest data released by the commerce ministry, imports of precious metals dropped by 44.6% to USD 2.4 billion in July 2022.

In the first four months of this fiscal year, gold and oil imports increased, resulting in a record trade deficit of USD 30 billion, up from USD 10.63 billion in April-July 2021.

Exports of gems and jewelry increased by about 7 percent to USD 13.5 billion during the first four months of the current fiscal year.

During 2021-22, the country’s trade deficit increased to 1.2% of GDP from 0.9% in FY21, according to Reserve Bank data released in June.

The CAD narrowed sequentially to USD 13.4 billion or 1.5 percent of GDP in the January-March 2022 quarter from USD 22.2 billion or 2.6% of GDP in the October-December 2021 quarter.

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