India imported $6.15 billion worth of gold in February 2023, according to the country’s Ministry of Commerce and Industry.
This is 2.3 times more than in February last year, 3.2 times more than in January this year and in general about twice the traditional average monthly levels.
That said, India Bullion and Jewellers Association president Prithviraj Kothari predicts that imports may not be significant in March due to record high gold prices. “Consumers cannot digest the current price level. If prices remain this high, it will affect demand in the current wedding season,” he told Reuters. – It makes no sense for banks and refiners to import.”
In January-February, India’s gold imports totaled $8.06 billion, 2.4 times the result of the corresponding period last year.
By the end of 2023, India imported almost 744 tons of gold worth $42.58 billion. In physical terms, the volume increased by 4%, in value terms – by 16%.
India is one of the largest consumers of gold in the world, practically not producing it itself.
Earlier, the analytical center Experts Club presented an overview of world economies over the past decades. More video analysis is available here – https://youtu.be/w5fF_GYyrIc?si=vsiB0zGYh0NI2tu0
GOLD, IMPORTS, INDIA, ministries of commerce and industry
