The Phaserl


Gold curbs not enough to curb India’s May imports

India’s 90% jump in gold imports in May helped push the trade deficit to $20.14 billion in May, from $17.8 billion in April; but the RBI insists there is evidence of moderation so far in June.

by Shivom Seth,

Despite the Indian government’s best efforts, imports of gold and silver rose 89.7% to $8.3 billion in May 2013.

While this is less than the 138% year-on-year growth experienced in April, India’s Commerce Secretary S R Rao, addressing a media briefing, said the continued increase in bullion imports had brought about a jump in India’s trade deficit to $20.14 billion in May, from $17.8 billion in April

However, at the release of the Reserve Bank of India’s mid quarter monetary policy review on Monday, the RBI insisted that there is available evidence to suggest that a moderation in gold imports could be underway in June. An insistence that seems to be borne out by the numbers.

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