Gold imports fall over 98% at $79.14 mn during Apr-May as Covid-19 bites

Gold imports, which have a bearing on the current account deficit (CAD), plunged significantly to $79.14 million during the first two months of 2020-21 due to a significant fall in demand in the wake of the Covid-19 pandemic, according data from the commerce ministry.

Imports of the yellow metal stood at $8.75 billion in the corresponding period of 2019-20.

The decline in gold imports has helped in narrowing the country's trade deficit, difference between imports and exports, to $9.91 billion during the period, against $30.7 billion a year ago.

Due to the significant narrowing of trade deficit, India recorded a current account surplus