India imports Gold, Silver worth $2.6 billion in August

NEW DELHI:

World's largest gold consumer India imported gold and silver worth $2.6 billion during August this year. According to official figures released by country's Commerce ministry, India also exported gems and jewelery worth $3.4 billion during the month. Total exports for the month of August 2012 stood at $22.3 billion compared to August 2011 when it stood at $24.7 billion registering a decline of (-) 9.7%. During August 2012, the imports were $38 billion as compared to $40 billion in August 2011 registering a decline on (-) 5.08%. Balance of Trade stood at $15.7 billion during August 2012 as compared to $15.3 billion in August 2011. The cumulative figure for the period of April- August 2012 shows exports at $120 billion as compared to $127.6 billion in April- August 2011; while the cumulative imports for April- August 2012 stood at $191.1 billion as compared to $203.8 billion in April- August 2011. The cumulative figure for the Balance of Trade for the period of April- August 2012 stood at $71.1 billion as compared to $76.2 billion in April- August 2011. During August 2012, the performance of some sectors with regard to exports are - engineering ($4.6 billion), petroleum products ($4.0 billion), drugs and pharmaceuticals ($1.2 billion), Readymade Garments ($0.9 billion). As regards to imports during August 2012, performance of some of the sectors are – crude petroleum ($12.8 billion), machinery ($2.67 billion), electronic goods ($2.62 billion), coal, coke etc ($1.7 billion).

Courtesy: BullionStreet